Have you received a credit card statement since the new laws went into effect? I did and it was truly an eye-opener. While I did appreciate the fine print being not so, well, fine any more, the information they are now sharing is really, really scary.
In the spirit of full disclosure, the interest rate on this card is 29%. That rate is awful, but since I pay off the balance every month I don’t care. (It’s an Amazon.com VISA so I earn Amazon gift certificates… perfect for satiating my reading obsession.) In all honesty, the rate actually forces me to make sure I never carry a balance.
The balance due this month is $637. Take a look at what that could mean to me…. to Â your members…. if they only pay the minimum balance! And this is only on 600 bucks! Think about all those credit cardholders out there with thousands of dollars due on their credit cards. How can they ever get out from under?
This could be a great plot for a horror movie. Just animate a credit card and show it running around ruining people’s lives, sucking their bank accounts dry, forcing them into bankruptcy. A credit union as the superhero who saves the day would make for perfect casting. How can you step up and help your members with their credit card debt?
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