GOZmosis

The idea of a credit card is a peculiar notion that has only come about in the last fifty years. Instead of paying for purchases with wealth that we already have, we are now borrowing money for every day purchases, even things as quick trip to McDonalds or a bottle of pop from a vending machine. Debt has become a societal norm and it’s here to stay. There’s nothing inherently wrong with debt, however when debt is misused, it can become a major financial nightmare. Credit cards are one of the most abused and misused financial products on the market. Here are ten facts that the credit card companies would prefer that you didn’t know. 1. Universal Default Provisions – Even if you are making your payments as agreed with one credit card, but happen to be late on another payment or if your credit score happens to go down a bit, the credit card company could jump your interest rate by upwards of an additional 20%. You could be paying around 14% for a decent credit card, but if another bank...