Beware Holiday Credit Card Excess

If you are shopping the sales this holiday with plastic and not planning on paying more than the required down payment, you may not realize any savings at all. 

Any gift could cost far more than any savings you think you are getting if you don’t pay full balance when the statement is mailed. And the credit card companies are not ignorant of that fact…ergo offers from your current credit card companies offering a second low limit card even though you are almost maxed out on your first. Or even third and fourth cards. They’re hoping you will miss a deadline or over a limit and require you pay the extra fees.

There may be legislation keeping these practices from continuing. There’s a move afoot by Senator Carl Levin of Michigan to get tighter regulations on the federal level.