The Credit Crunch and Consumers - What Credit Card Companies Won't Tell You

If you ask me to do critical analysis of current US economic situation

, then I certainly like other economic affair experts, will blame the credit card companies for this entire dilemma.

The credit card companies are mainly responsible for this credit crunch because there is no doubt that the financial turmoil was creating the problems for the US economy but its intensity was increased and supported by these companies as their unfair practices and exploitation made their consumers very helpless in the repayments of their massive unsecured debt that's why they started massive default.

Consumer default ultimately shocked the national and international investors' confidence over the financial system due to which the economy faced trillions of dollars flight of capital and pulling out of massive investment.

These factors made the financial turmoil severed and created intense difficulties almost for everyone. Now, the federal government is intervening and taking the whole situation in its irony hands and trying to stabilize the economy through different effective measures.

There are some important things, which the credit card companies are now hiding from you because they know that if you become aware about these things, then you certainly couldn't be gripped in their fierce clutches. Now, let us see what they are hiding from you.

These companies don't want to tell you that they are no longer in a position that they can charge you with escalating rate of interest, which was their common practice and they made millions of dollars from it.

Now, they cannot do it any longer with those consumers who are repaying their due continuously form more than six months also these companies are legally bound that they cannot increase any rate of interest, change schedule of charges or can impose any other charge over you without informing you at least 60 days before their implementation.

The federal government is trying its best to bring higher level of transparency in overall practices of these credit card issuers in order to prevent consumers from their unfair practices and avoid such devastating situation in the future. You must avail the advantages of this golden opportunity and make your financial position better.

If you have over $10,000 in unsecured debt it may be a wise financial decision to consider a debt settlement. Due to the recession and overwhelming amount of people in debt, creditors are having no choice but to agree to debt settlement deals.

The Credit Crunch and Consumers - What Credit Card Companies Won't Tell You

By: Clyde Archer

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