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Bad Credit – The Hidden Truth

There are millions of low-income teens who can’t afford their cable television set-up because of student loans, medical bills or other unforeseen circumstances. Their numbers have skyrocketed to alarming proportions as the result of increasing numbers of parents deciding to give their kids the help they need to live a financially positive life.

Millions of vulnerable people in this country are being subjected to this debt and continue to do so until their children are out of high school or college.

The time has finally come to stop this financial burden from affecting everyone’s lives.

The time for Americans to become strong financial leaders is now upon us.

Your vote will count a significant amount in determining which credit counseling program you choose.

The first step towards establishing financial independence is to talk to a credit counselor.

Debt counseling works with the financial institution to work out a realistic budget and financial plan so that your finances won’t affect your kids’ college years.

Parents must address the issue of debt – and not just because it’s a pressing concern.

Financial freedom for your children is not a given in today’s America.

Bad Credit – How To Avoid A High Penalty Fee

When obtaining a credit card, there are several items for parents to consider before they sign on the dotted line. Among these items is a high penalty fee. While the interest rates may be very low at the moment, the interest expense accounts that a card issuer is paying is a portion of the money you charge for purchases on the card, and it tends to creep up drastically with the fact that you’ve sold a lot on the credit card and are paying a higher interest rate on your statement than you would on your original card. This interest rate is typically around 12 percent.

The penalty fee at the time you take your child out of college, however, is something the issuer of the credit card will consider, and it is something the parents can control themselves if they wish to avoid the penalty fee they’ll have to pay in order to enjoy the benefits of the credit card. The usual reasons for this fee, as outlined by a credit promotion agency, include:

‘ instant credit cuts
‘instant credit changes
‘costly late fees
‘reward programs
‘protection against fraud

According to the National Institute for Financial Education and Student Credit, the interest rate charged on the card before the promotion ends is ‘18.82 percent.’ Of course, many parents who have been approved for a credit card will see this increased interest rate, as this fee actually takes place after the period of the credit card’s creation.

If there is any doubt when you’re shopping for a credit card, ask this question:

‘ What is a penalty fee?’

If you’re unsure of whether a penalty fee will apply to you, think about the circumstances surrounding your purchase of a credit card. Do you think more people would be willing to give you a credit card even if you have never even tried it and you still can’t seem to figure out how much it will cost you? Maybe you want to buy a car for your children or a house for your wife to live in ‘but you can’t live without the card?

If the financial institution in the promotion you are speaking about says that you are entitled to one free statement a year from the month you get the card, this is because you’re entitled to a free Copycat Copy of your statement, provided the issuer signs it has been sent to you by an outside party. Now, if you signed that copycat copyciting the financial institution in the promotion should have taken your information and mailed it to you. The new law was supposed to make sure these issuers can keep their promises and still give you a card.

The penalty fee is not the only thing you’ll have to consider when you receive your credit card statement in the mail. You’ll have to wait for the report from the credit card industry to submit your information rolls. You’ll also have to look at the interest rate you’ll be charged if you follow these simple instructions.

Don’t worry if you still can’t figure out how much the penalty fee is going to go up. Most people will not be able to find out right away, because after the first report you will know. If you’re in the process of figuring out how the credit card issuer got their information about you, ask the credit card issuer if their information is still valid. They may not be able to say that at all, but there might be a way you can get your credit card information with the help of some reputable credit card companies.