Credit Card Tricks That Keep You In Debt

Do you know all the credit card tricks used by credit card companies that result in more money being depleted from your checking account?

Back in my financial planner days, I used to shock my clients with the unethical tactics used by credit cards.

If you don't learn these credit card tricks and tactics, you'll only be in debt longer. Financial abundance and feelings of inner peace regarding your personal finances will seem a long way off.
However, if you understand their games and the fact that all they care about is keeping you in debt as long as possible, you can avoid personal finance ruin.

Today, I want to center on just one trick that will hurt your desire for financial abundance. Keep checking back as I'll be adding more in later articles.

Credit Card Trick
Playing With Your Due Date
These companies love mixing up your due dates. Let's say you have a new credit card, the first statement comes, and you see the due date is the 27th of the month. That's kind of nice because now you have the whole month to come up with the payment.

But here's where you must pay attention. A couple months later you may or may not notice that the due date has somehow changed to the 19th. Just like that, they've changed the rules with a little credit card trick.

If you weren't paying attention (which, by the way, credit card companies know most people don't), your payment is now late even though you thought you were sending it out on time. Your credit score takes a hit with a late charge and you're billed $29-$50 for a late fee. Ouch.

This trick goes even further in affecting you negatively. Did you happen to go with this credit card because they offered you a low teaser rate to sign up? When you're late, they can now hike your rate up to their regular interest rate.

Because of their dishonesty and trickery, you just went from 3-6% interest up to 17-25%.

With one credit card trick, they get to make money on your late fee, make more interest on your balance from now on, and mess up your credit score. How do you like that? Does this sound unfair to you? Me, too, but it's all legal.

From now on, pay close attention to your due dates. It's imperative for keeping your personal finance abundance goals on track.

Click here for Part 2 of Credit Card Tricks

Change your life,

Matt


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