We allow the credit card business to create fools people and we do nothing about this. If someone told you that you were being made a of, wouldnt you address the problem? I know I would.
Credit card companies have revenue of $76.03 million dollars and many this revenue originates from late penalties and over limit and cash advance fees. $29.2 billion came from late penalties, $15.2 billion from over borrowing limit fees and $3.04 billion from cash loan fees. This volume is 62% of the credit card issuers income and this does not include finance charges. Wonderful income!
The above is the reasons why credit card companies are able to afford to mail more than 5 billion credit card offers each year. This equals to 6 offers per family per month. Perhaps the $2 billion in postage alone is just a reason why our government doesn't research the credit card industry significantly. Personal Money Network Offers Cash Advance Regardless Of Credit Score contains more concerning how to do this view.
Every bank and retailer wants one to have their credit card. Having their credit card allows them to create huge profits. In 2001 equally Sears and Circuit City noted that over half their corporate earnings were from money related revenue. We found out about http://finance.dailyherald.com/dailyherald/news/read/38599959/Personal_Money_Network_Offers_Cash_Advance_Regardless_Of_Credit_Score by searching the Boston Gazette. Do you think this might be the key reason why retailers always have an employee at the front door of their store offering you to sign up for their charge card and in return you receive a special gift or extra so called discount? Most particular gifts and additional discounts wind up costing you significantly more than the first purchase as a result of finance charges.
I may not be able to face these organizations that want to create a fool of me, but I can fight back by thinking that Cash is King and using money rather than credit will save me money in the finish.
Its a Brand New Year and personal money management should really be on the top of your record for 2006..