Understanding the Fine Print of Credit Cards
Many believe that the cause of the 2008 housing collapse stemmed from the untold millions of homeowners who didn’t understand the terms and conditions of their mortgages and ultimately found themselves being foreclosed on.
A survey from J.D. Power and Associates found that 73 percent of consumers didn’t understand the interest rate terms of their credit cards and 31 percent were unclear on how late-payment fees are assessed. Being uneducated on this type of information can be a recipe for financial disaster, as consumers are hit with payments and fees far greater than they budgeted for.
Indeed, when borrowers call our HOPE Hotline at 888-995-HOPE, our counselors not only walk them through the various mortgage-relief government programs they may be eligible for, but also explain the particulars of the specific financial products they are bound to. Such guidance equips borrowers with the knowledge and resources they need to bring their financial affairs in order.
For help understanding the terms of your financial commitments, call our HOPE Hotline at 888-995-HOPE (4673). Our counselors can provide free, impartial advice.