Are credit cards holding you back?
On September 11, 2009 in Finance
The borrowing companies are really hurting right now and as a result are passing down their rough times on to the typical American. They are reducing credit lines, raising APR’s, and backing off on giving out credit all together. This is making a large problem for all of us who are given credit cards and use them on a daily basis. I feel like my credit cards are getting heavier and heavier each time I go to spend them because of the infinite rising APR. Even if I had the desire to enact a balance transfer, I cannot because the other institutions with lower rates are not allowing them currently. So I’m trapped using the cards I’m already used to relying on, at an elevated interest rate. It’s getting to the condition that I might need to let the accounts go and use a debt relief company to negotiate the debt. I was fine paying off the cards before this financial meltdown, before the banks were tying my hands together.