Millions of individuals are deep in debt and experiencing much difficulty meeting their monthly financial obligations. Well, I can assure you that issuers of credit cards are not experiencing the financial difficulties many Americans are. As a matter of fact, take a look at the following profits earned by credit card companies:
Profits earned by credit card issuers from interest charged to consumers during the year 2006 totaled $90.1 billion.
Profits earned by credit card issuers from fees charged to credit card holders during the year 2006 totaled $55.2 billion.
Its no wonder credit card issuers earned such astronomical amounts of money; after all, if a debtor (consumer) happens to make a late payment in many cases just by one day theyre penalized with skyrocketing interest rates and uncalled-for late fees. This practice, which many consider the equivalent of legal loan sharking, is wreaking financial havoc on many households already struggling financially.
If youre frustrated because youve been charged these insane fees, its time to take a long hard look at your finances and decide what options are available and will best assist you in becoming...
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