If you're struggling with credit card debt and can't wait for lawmakers to act responsibly in favor of consumers, don't continue
paying high finance charges to credit card companies.
High balances often
incur high finance charges and interest charges until the balance is paid off, a process that can take many years if you are only making the minimum payment required.
We went from living
with high finance charges and poor credit, to feeling powerful and taking charge of our financial future!
With these conditions, you may find that it's sometimes more affordable to pay
higher financing charges on a car that is lower in price or to buy a car that requires a smaller down payment.
Your first bill for a store credit card often already comes with
a high finance charge.
But
high finance charges and fees seem to undercut any progress.
High finance charges and penalty fees can rapidly cause credit card debt to expand out of control.
Credit card debt can quickly increase due to poor budgeting,
high finance charges, and the addition of penalty fees for late payments.
The same study also found that cardholders in low - income brackets are nearly as likely as middle and high - income cardholders to opt for a rewards card, despite
the higher finance charges.