Consumers unwrapping big credit-card bills
Consumers unwrapping big credit-card bills :
If you charged your way through the holiday season you're certainly not alone. You may not be ready for the hidden costs of new credit card debt, though.
...there's an invisible edge to this debt trap, one that many consumers won't see until they feel its bite. While many cards offer attractive introductory rates for desirable customers, the average rate for established customers -- especially those on the lower end of the economic spectrum -- has crept up. More companies are invoking hidden clauses in their customer agreements to increase rates on long-established accounts, even when the customers pay every bill on time. In the past few years, many cards have broken the 30 percent annual interest rate barrier -- rates that come close to usury -- and are compounding the amount owed by piling on fees.--------
