Federal Debt Relief System knows a credit card may seem like the perfect partner to anyone with an empty wallet staring longingly at a pair of shoes with just the right fit or the newest Xbox videogame. But beware; if you're someone without a budget--or self-control--jumping blindly into a relationship with this piece of plastic can leave you badly burned.
If you don't understand what you're getting yourself into, you're not ready.
So what is it about credit cards? They seem like the perfect solution for those of us practically living paycheck to paycheck, right? How many times have you wanted to book that flight to Europe but just didn't have the funds right now? This is the beauty of charging; immediate gratification. But there is a downside to having the ability to buy whatever you want, whenever you want.
Just as compound interest is your best friend when you're saving money, it's your worst enemy when you owe money. If you can't afford to pay your credit card bill, little fees for things like late payments and going over your credit limit--not to mention interest itself--will cause your balance to balloon. Not only will your sweet plastic love affair turn sour, you could carry the load of credit card debt the rest of your life.
Let's say you're about to spend $2,500 on a shiny, new flat panel HDTV with a credit card that carries an annual percentage rate (APR) of 20%. If you're like many people, you may choose to pay the minimum on your card, which is generally about 3% of the balance, $2,500 in this case. If you pay the minimum $75 each month on that $2,500 you will end up paying total interest of $1,180, and it will take more than four years to pay off.
Credit cards are sneaky little guys who deceive, entice and then entrap it’s victims in endless layers of corporate exploitation Unlike the fixed interest associated with savings accounts, credit card interest is variable and can change--mostly higher--at any time. On some cards, if you miss a payment your APR may go up substantially. In addition, that attractively low APR a credit card promises when you sign up will probably at least double after the introductory period is over. Credit cards also hit you with fees if your balance goes above your credit limit.
Credit cards can be a great companion and offer many benefits. But be smart about what you can afford to charge, and stay on top of your payments. You don't want to find yourself head-over-heels in a relationship that holds you back for the rest of your life.
Federal Debt Relief System is a powerful tool on your side in the war against credit debt.
2 comments:
Before going to Federal Debt Relief System, I totally knew about the Federal Reserve not being a governmental agency but I didn’t realize it was owned by private banks. After doing the research on the Federal Debt Relief System website I found that it’s been run by the same 8 or so banker families for almost a century. They have actually been in control since 1913, when the Federal Reserve Act was fraudulently pushed through a mostly absent and vacationing Congress only 2 days before Christmas on December 23, 1913. Super shady I know.
The idea that such an important Act was even voted on during the holidays is absurd to me and quite honestly we’ve been feeling the repercussions ever since. Just look at the news and you will see that those same banking families are the ones buying everyone up. Pretty soon the name “Bank of America” may be appropriate for the last bank left standing. I don’t know about you but I don’t think that private banks have any business being in control of the world market and our financial futures!
Now is the time to educate and equip yourself with the necessary information to set yourself free of your own personal financial burden. Thanks for letting me know about Federal Debt Relief System I plan on telling everyone I know to go to www.fdrs.org today!
Stan C.
I’m glad someone like Federal Debt Relief System is on our side. It makes my blood boil when I think of all of the banking fraud and scams that are going on everyday and right under our noses. It’s time someone like Federal Debt Relief System takes a stand against these bullies! The banking elite must think the rest of us are content paying their tab, well not anymore and not on my dime!
As a nation we need to be concerned with credit card reform, the reality of credit card debt and how to get help. That’s what the average American wants and needs considering we’re all guilty of being debt slaves. The holiday season is just around the corner and those credit cards are tucked away in your bill fold or wallet. Do yourself the favor and put them away before the stores even start advertising this year.
Keep up the good work guys … we’re all fighting for a future that’s positive and bright. We definitely appreciate Federal Debt Relief System and all they do to spread the word and help the common man rise above this time of economic collapse.
Fight On!
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