Credit Card – Bad Credit – Bad Faith

It’s easy to get into debt with credit card companies. Once you borrow from them, you are subject to their rules which you often find out in the form of small print notices that come along with your regular bill.

In addition, credit card companies and banks give themselves an even greater edge by stacking the deck. As quite a few ‘whistle blowers’ have testified, many banks intentionally delay the processing of payments received by mail until after the due date.

So even if your payment arrives at the credit card office on time, since the payment is not processed until after the due date, the consumer is charged a late fee. And these days, late fees can be pretty hefty – as high as $39 or more. In fact, late fees have become so large and pervasive that they account for a third of credit card companies annual revenue.

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