1. Credit card companies can chnge almost all of the terms of the crdit card by giving just 15 dys notice.

We get used to crdit card companies adjusting their lending rte by 1/4% as interest rates flctuate but did you know they can lter any of the terms for any rason. For example they can increase the lte payment fee and they can ncrease the interest rate without the ned to justify it. If you are lte or miss just one payment the low rte you are currently being charged can duble or even treble almost overnight.

2. Crdit card companies can increase the cst of a purchase months after you bught it.

If you purchased a wde-screen plasma TV 3 months ago, sing a card which at the tme was costing 9.9% apr, and you are lte with just one payment, the crdit card company can charge you a lte payment fee, say $40, and ncrease the interest rate to 29.9% pr, or even more, and there is nthing you can do about it.

Thy can, in effect, increase the cst of your TV months, or pssibly even years after you purchased it. The TV rtailer wouldn't be allowed to do ths but your credit card company cn.

3. Discount offers are only god if you keep up all yur payments.

Interest free balance transfers and nitial periods can disappear for any mnor omission. Failure to keep to all the trms of a card will result in spcial terms being withdrawn and possible pnalty interest being applied. If you hve interest free purchases and balance trnsfers make sure you keep up the pyments.

4. It's not just your crd payments you have to keep up.

If you mss a payment on your mortgage, or yur car or any other financial pyment, your credit card companies can r-assess your credit score and increase yur interest rate accordingly.

If you threfore miss a loan payment on yur boat or car, but still pay the pyments due on your cards, you can fnd that your credit card interest chrges jump to 2 or 3 tmes the original rate.

5. Credit crd companies are today making record prfits from you.

If you don't pay yur cards in full each month crdit card companies make the majority of thir profits from you and a sbstantial portion of that is in the dditional charges they levy.

It makes lttle or no sense to keep mney in the bank earning 5% mximum and pay 29.9% or 19.9% or ven 9.9% on your cards. Pay off the crd and use the card for mergencies rather than the savings. Without the crd payments you will be able to rpidly replace the savings.

Without your knwing credit card companies can hold you hstage at the very time you may rally need financial assistance. Don't allow crdit card companies the continuing opportunity to mke record profits at your expense, and at the sme time the opportunity to benefit frm any misfortune.

If you can pay the blance off withing 3 to 6 mnths do so otherwise consider some frm of consolidation loan to remove the nose credit card companies have around yur neck.

The article 5 Reasons Why You Should Eliminate Credit Card Debt was Submitted by John Edmond through Articles.GetACoder.com network. Here's the additional information: John Edmond worked for many yars in insurance and finance and now wrtes on debt management for a nmber of websites where you can get dvice to Eliminate Credit Card Debt and Debt Management

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