Most rational people that loan another person money want to get paid back as quickly as possible — but not your credit card company. Your credit card company wants you to rack up as much debt as possible and then take as long as possible to pay it off. That way, the debt stays on your back for years as you pay massive amounts of interest.
What is interest? To put it bluntly, interest is free money for the credit card company. Credit card companies are making billions of dollars from United States citizens, simply by waiting and charging interest on their loans.
Credit card companies aren’t very picky about who is paying them interest, and who is using their cards, either. In fact, most credit card companies send out their credit card offers not based on an individual’s credit rating, but based on market research and how much they expect you are likely to spend. They simply want people who will hold onto their debts as long as possible while paying their minimum monthly credit card bills on time.
Can you believe that most individuals in debt trouble are paying about 35 percent of their income to credit card companies? Can you imagine what it would be like to eliminate that massive burden once and for all? It would be like receiving a 35 percent raise at work for doing no additional work at all.
At the Law Office of Ruth Nelson, we’re passionate advocates for creditors’ rights, and we want to help you resolve your credit card debt. Our office is available to talk to you about your current debt situation to explore solutions that may or may not include bankruptcy, and help you get back on solid financial footing again.