A zero percent introductory rate on a credit card can be enticing for many consumers. What these offers fail to make clear is what your interest rate jumps to after the introductory period is over. In addition, if you make a late payment your rate can sky rocket up to 21% before the introductory period is over. What makes this more shocking is that credit card companies continue to maintain historically low operating costs. The following article from the New York Post outlines the risk to consumers.
Credit card companies bet on the fact that many consumers focus on the low introductory rate and fail to look at the fine print associated with these offers. High interest rates on credit cards can leave hard working Americans deep in debt. If this tactic has left you deeper in debt, it may be time to consider debt settlement. A qualified debt settlement attorney can negotiate a settlement on your behalf.