Watch 'Em Like a Hawk

As I was reminded by the comment from Everett yesterday (thanks), there are some banks and credit card companies that will sneak as much money and interest from you as they possibly can. They will change your billing cycle to ensure that you are late just so they can attach a "late fee" on you and jack up your interest rate. Oh how times have changed.

Remember the days when banks used to be your friend? When you needed money for a car or a personal loan, the bank (where you went to put in your hard-earned money for checking or savings) would lend it to you. If you were late on a payment, you would call up the bank, explain things, and there would be no harassing phone calls, no sudden spike in interest rate, no late fees. It was if you were dealing with somebody who saw you as a member of the family, not somebody that you could take advantage of and suck money out of at every opportunity.

That is one reason that, if possible, you bank at a credit union. It used to be that credit unions were hard to become a member of unless you were an employee at a certain company or you belonged to an organization. Nowadays, most credit unions have an open policy and, although not protected by the FDIC, they are insured through the National Credit Union Association or the National Credit Union Insurance Fund. What makes credit unions different is that they are owned by you and all the members who bank with them. The rates are typically lower for loans and the returns are usually slightly better. I have been a member of one since 1979 and still do part of my banking with them.

Just another way to save money to help eliminate your credit card debt. Have a great day!