The content is accurate at the time of publication and is subject to change.
Many people fail to see what credit cards are all about until they actually have some trouble with it. Most credit card agreements are not very easy to read or understand and so most people tend to ignore them. What they do not realize is that they are signing these agreements and are susceptible to the conditions therein should they neglect to fulfill certain specifications. The most dangerous instances are when credit card companies have fine print statements such as the fact that they can change the interest rates or amounts due as they see fit. It is when there are such clauses and the consumer suddenly has to shell out double the money as minimum payments that complications arise.
Credit cards are not child`s play and if you think they are, you could be in for a bad surprise. You will need to be sure of what sort of an agreement you are getting into well in advance. Sometimes a change in interest is not warranted unless the customer has neglected to pay a due amount on time or has missed a payment altogether. On other occasions it may happen after a so called introductory period with a low interest rate. It is something that most people do not notice until they find their payments are getting too expensive and the amount has not gone down at all.
When you have not missed any payments and you have had a good credit score, you need not pay any increased amounts to the company. When you are faced with such a situation, be firma and discuss your options with the manager. If they are unwilling to negotiate, opt for a balance transfer and inform your creditors of the same. They will not want to los e a good customer and may offer you better options. If they do not, you are better off with a different company anyhow.
You can also look at options when your credit card has incurred a higher interest due to missed payments. Make sure before you take on a card that they are flexible in terms of the payments. Go for a card where you can get some leeway on making the payments and a grace period. If you get reported one too many times your credit scores will hit rock bottom in no time. Try to renegotiate your rates and promise them an amount which will cover a large chunk of what you owe. In most cases credit card companies will want you to pay than not pay and things will move forward.
