Lies, Lies, Lies… How They Trick You Into
Amassing Credit Card Debt (Part 2)

Credit Card Debt Lie #4
You Need Credit Cards To Have a Good Credit Score
Smart consumers realize that the credit and finance industries worked together to create what we now know as the credit scoring system. What they may not know is this is a perfect example of social engineering. Unbeknownst to the average consumer, this system was engineered to steer consumers into accumulating debt. Have you ever read some of the credit score printouts? Did you notice how they suggest certain actions to improve your credit score? Actions such as:

• Request a credit line increase
• Never close unused credit cards
• Never leave any credit card unused for a long period of time, and
• To increase your credit score, open one or two more accounts. 

Each of these actions requires a person to take on more debt, (whether short term or long term) in order to increase/improve their credit score. The only ones who win when consumers increase their debt load are the credit card companies and those involved in the debt industry.

Credit Card Debt Lie #5
We Have Great Payment Plans
It shouldn’t take a mathematical PhD to figure out that there is no such thing as a great payment plan. In the final analysis, credit card debt is extremely costly. For example, let’s say that you ring up a balance of $5000.00 at 14% APR. If you were only making the minimum payment of 2%, it would take you approximately 22 years and $5,887.00 in interest payments to pay off this debt.

That means you would have paid more than double for the items you bought. The credit card companies love it! You literally work for them, for the next 22 years of your life. When it comes to credit cards, don’t believe the lie, there is no such thing as a great payment plan.

Credit Card Debt Lie #6
Every Time You Use Our Credit Card You’ll Earn Points!
This is another slick tactic credit card companies use to bait people into accumulating credit card debt. It starts off innocent enough. To get points, a person starts charging little bitty things such as breakfast and lunch at fast food restaurants, gasoline, trips the store and other little nick-knacks.

These are things they should be paying with cash. The next thing they know, those $4.00, $6.00, $10.00 and $20.00 charges have added up into the thousands. It happens so fast most people never realize what’s happening. Yes, they *got the points, but they also **accumulated more debt in the process.

If you have fallen for any of these credit card debt accumulation lies and realize what a monumental mistake you’ve made, congratulations! You are now on your way to breaking free from the all-consuming debt trap.

* You only get to keep the points provided that you have no late or missed payments and your account is otherwise in good standings.
** If you pay off the full balance prior to the due date, you only accumulate debt on a short-term basis.

Click here for (Part 1) of:
Lies, Lies, Lies… How They Trick You Into Amassing Credit Card Debt

Joel Marks has been helping people get out of debt and avoid both bankruptcy and foreclosure for over fifteen years. Utilizing savvy debt counseling, debt management programs, Federal laws and a team of attorneys, debt counselors and advisors, he has quietly assisted thousands come from under the heavy burden debt.

For more information on this topic or any other issue related to getting out of debt, living debt free, debt management, debt relief, the Fair Debt Collection Practices Act and stopping debt collectors in their tracks, please visit www.DebtErasure.com

Source: http://debterasure.com/