What the “experts” won’t tell you
August 1, 2008 | alternatives | Comments (0)From SmartMoney.com via WalletPop, this article makes a clear case for why overdraft fees and credit card cash advances are not always the smart alternative the “experts” make them out to be. A sample:
3. “We change our interest rates all the time.”
Regardless of what your credit card agreement says, you can never be sure how much interest banks will charge you. For example, nearly all cards have a default rate — as high as 30 percent — which banks apply when you’ve done something wrong, usually after two late payments in 12 months.
Payday lending rates are advertised up front, in clear and concise language. What you pay is what you pay — no tricks or “universal defaults” will change the rate.
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