Your credit card bills arrive in the mail and you break out in a cold sweat, because you know your balances and minimum payments have gone up. You sit down to pay your bills. You write out 3…5…7…maybe even 10 or more checks before you are done.

Your bank statement arrives and you throw it into a drawer or into the garbage, unopened. You have no desire to look because there is never any money there. Your bills keep bleeding you dry.

One Late Payment And All Your Credit Cards Can Jack-Up Your Interest Rates To The Legal Limit

Sometimes unforeseen circumstances may cause you to be just one or two days late on a credit card bill. Affording all of your monthly payments can be brutal.

Accidents do happen, and with all of the different bills you have, maybe you missed a credit card statement or were just a bit short of money this month. It is totally understandable. It happens to almost everyone at some time.

But…what you may not know is, just one late payment can cost you thousands of dollars. One late payment on any one credit card triggers the “Universal Default Clause” and all your credit cards can blow the lid off your rates.

The “Fat-Cat” Bankers

Are Conspiring Against You

It gives them a reason to exploit you and “whack” you with criminally high interest rates, keeping you in debt and struggling to get ahead. They devour every penny you have with a reckless disregard for you and your family! How do you think companies like Bank Of America and Washington Mutual afford those beautiful buildings? While their blood thirsty executives are eating lobster and sipping martinis in their Armani suits at the “Club” you the hard working “Little Guy” suffers

Now with the upheaval in the mortgage industry, the credit card companies know you need their life line and they are happy to throw you a rope to hang around your neck like a noose. They know it has becoming increasingly difficult to file bankruptcy so you are stuck with the debt until you die.

Before you accept these predatory credit cards look to see what your other options are. You may be able to refinance and consolidate your debt although your rate may be higher than 6 months ago. Another option might be consumer credit counseling.

The best option would be to create a budget and figure out where you are overspending. Most consumers could cut back on their monthly expenses by just creating and following a budget. Another very simple way to cut your spending is using a pad and pen when you buy things.

Start writing down everything you buy on a pad. Write down everything from a pack of chewing gum for fifty cents to the big ticket items such as a refrigerator. It’s the little things where you will save the most money. Statistics show that by writing everything down you can save as much as 40% on your monthly expenses.

Many consumers would benefit by slashing their monthly payments through a tax deductible mortgage, but get too hung up on the interest rate. If you are considering refinancing to consolidate your debt and don’t know where to turn go to www.NARLO.com for an honest trustworthy loan officer.