Personal Budget Training: Credit Card Offers You Can't Refuse

Wednesday, May 21, 2008

Credit Card Offers You Can't Refuse

In an attempt to ebb the tide of their profit loss, Barclaycard lays off 900, writes off $3.4 million and encourages cardholders to take cash out.

Recently the UK credit card Barclaycard was labled as grossly irresponsible for urging customers to take out cash on their credit cards. What the customers are not told is that interest starts piling up at a rate of 27.9 per cent the minute cash is withdrawn from an ATM.

It makes obtaining money this way about three times more expensive than taking a personal loan. Customers who do not pay their bill in full as soon as it arrives will find interest stacking up alarmingly.

Getting some personal budget training will decrease your dependency on credit cards. I can't remember the last time I used my credit card.

Labels: Credit Cards, Debt