June 20, 2018
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Payment Assistance is Worth Checking Out

Remarkable Dog Pre-Approved For Platinum Line of Credit
"On Tuesday afternoon, the Osman family received notification in the mail that their family dog, Scruffers, has been pre-approved for a platinum credit card. “We are all so proud,” said Mary Osman. “We have always known that Scruffers is a very special dog.” According to the letter, Scruffers, a 6-year old terrier mix, also qualifies for a 0% introductory interest rate, unlimited balance transfers, and special member bonuses such as cash back and airline miles. Scruffers is the first dog in Cooper County to receive such a generous offer, which will be available to him for a limited time only."

Credit problems are so widespread nowadays—and why not? Americans are plagued by the desire to spend, no matter if you have the cash or not. Even the family dog can easily get pre-approved for a platinum card.  Jokes aside, the point is that most anyone can obtain credit cards, even teenagers without jobs.

A whole generation has been raised on credit cards. People are too use to the convenience they offer and not aware of the pitfalls until it’s too late. Riddled with sneaky marketing techniques, the industry easily lures consumers into “buying” their products. Later, after the balances have been transferred and the introductory periods have expired, the fees start showing up on your statements—the “oops, how did that happen?” late fees and other fees. And worse, months later, you happen to notice how high your APR is and you have no idea when it went up.

What it means for Consumers
With the combination of increasing balances, extra fees, and rising interest rates it’s easy to see how a minimum payment doesn’t even make a dent in bringing down your balance each month. You can see how easy it is to charge up thousands of dollars and get behind in your payments. 

Red Flags – How do you know if you’re headed for trouble?

·        Significant reduction of income, or even lost

·        Unable to make minimum monthly payments on credit cards

·        Falling behind in credit card payments

·        Nearing the credit limit on some or all of your cards

·        Unable to pay bills on time

·        Credit has been denied when trying to make purchases

Payment Assistance Programs
There are special payment assistance services available to help consumers who want to repay their credit obligations but are experiencing financial difficulty. If you’re behind on your payments and need help bringing your accounts up to date, credit counseling agencies will look at your budget and customize a solution for you. Evaluating your budget, cutting expenses, reducing interest rates, and consolidating payments are just a few ways a debt management plan can help you get control of your bills and become debt free.



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