No, I Would Not Like To Open A New Account!
It is very tempting to say yes when a store clerk tells you that you will save ten percent on your purchase if you open up a new charge account. After all, it is your favorite store! Typically, small accounts with limits of a couple hundred dollars are relatively safe as they are easy to quickly pay off.
Credit accounts with low limits are easy to keep under control. A card that has a thousand dollars on it can easily skyrocket until it is completely out of control. It starts with higher payments. The trick to keeping a credit card under control is being able to pay more on it. This is often hard to do on a higher account. The only chance of getting the amount down is paying extra. If not, thousands of unnecessary dollars may be spent in interest fees.
So think twice before buying new dining room table set on credit. First thing you know, you need a new refrigerator and there you are. You suddenly have a high balance on your credit card.
Always be sure to know what the interest rate is on any account. Even if you already know, still check. You may be surprised. Sears for example, has quietly raised their APR to almost 30%! If you new how much that charged refrigerator really cost, you may change your mind about how you pay. You might even decide to purchase a used refrigerator. Just because something is used, does not mean you can not afford to buy a new one. It just makes you smart not to.
Do your best always to pay bills on time. Sears is one example of a company that enjoys charging you a small fee of $39.00 for being late. Mobil is another charging the same amount.
It is not hard to accumulate late fees. It can happen quite easily. Even when you think you are paying on time. Late fees can add on quite a bit to that balance. You are paying every month but instead of going down, the amount is getting higher and higher. Soon, you will have the rice cookers on the sink permanently.
It is about time that agencies are beginning to clamp down on the unfair practices of credit card companies. They have gotten away with so many crooked schemes! They are not doing us a favor by giving us credit. They have been robbing us blind!
If you take a close look at a recent statement, you will notice some changes. You will see a diagram telling you how long it will take to pay off your account. It also shows how much extra money you will have paid in interest. If you owe sears $1,692.00, the graph will show you that it will take 21 years to pay this off! This is without any additional purchases. This is by paying the minimum. This does not include $39.00 late fees you are bound to get! Sears also has to tell you that it will cost you $8,166.00 to pay off that $1,600.00 furniture set!
When you know these facts you will be very angry. You might even lose your credit. So next time, when a cashier invites you to open a new account, smile smugly and say, No, I would not like to open a new account! I will purchase my dining room table sets with cash.
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