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Cards now offer 0% interest to seduce customers

[Saturday, November 13th, 2010]

Card companies are trying to seduce customers with 0% credit card offers while tempting them to spend more and more. But is this ethical, especially when thousands of Americans are in the grips of rising costs and huge debts already?

Mailboxes of consumers with a good credit score are flooded with offers from card companies wherein there are pre-approvals from cards offering 0% interest rates where the grace period is for about 21 months. Ever since the delinquencies came down from the previous year card companies seem to be cashing in on this opportunity. This trend is likely to continue for a while now according to analysts.

Just the previous year card companies would shun the borrowers who paid their dues on time and the ones who never carried their balances forward. In fact the prime borrowers were penalized by the card companies by hiking the interest rates. These are same companies who are vying to get these prime borrowers to spend more on their card and carry forward the balances beyond the introductory period.

The numbers have increased sharply – the 0% balance transfers with respect to the availability as well as the number of individuals who would qualify for these offers – both of these have increased sharply when compared to the last 2 years (according to Odysseas Papadimitriou, CEO, CardHub.com).

Lawrence Williamson, an attorney who works with consumer who are in the grip of high debt was quoted as saying that card companies didn`t really care about consumers facing high debts, but were more interested in making profits at the cost of their clients.

Automated legal documentation is provided by Morgan Drexen to the law firms across America and also supports the Williamson Law Firm. A resident of Kansas City, Walter Hundertmark, had a debt of more than $21,000 and engaged Williamson Law Firm and is presently debt free. Prior to that Walter was one of the customers who had suffered the consequences of a bad debt which was of major concern. In spite of cutting down drastically on living costs, he was unable to get out of the debt cycle. At that point in time, he managed to engage his attorneys and they represented him and did the talking and managed the settlement without the client having to deal with the creditors. However, all clients are not so fortunate and most feel that they are better off without the card as avoiding the temptation is not always possible.

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