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Bad Credit Cards with 0 APR a Possibility this Christmas?

Posted on | November 16, 2009 | No Comments

Getting a 0% APR bad credit car is something that is almost impossible. We can all remember back in 2003 and 2004 when we were offered 0% introductory period credit cards almost everyday. It seemed that our mailboxes were littered with these credit card applications and many of them offered great deals for the introductory period.

Lately, it is almost nonexistent that any credit card holders are finding any applications in their mailbox. After the credit crisis, many credit card companies have found out that it is much harder to make a profit by offering 0% APR credit cards. These companies have found out the borrowers who use 0% APR max out the card and then end up not paying any of the balance back.

With unsecured debt these companies have little backing to get the money that is owed. All they can do is ruin the credit of the borrower but if the borrower already has very bad credit they do not care. This seems to be the case with many Americans today as they are giving up on paying their credit cards.

Many bank CEOs have stated that they do not think the credit card industry will make a profit again until at least 2011. The high level of unemployment along with lower home prices is causing many Americans to find paying credit card bills is almost impossible. These people that are finding it difficult to make the credit card payments are just not paying them at all.

Getting a low interest on a bad credit credit card is something that is very difficult in today’s economy. Even if you have very good credit you’re going to find that your interest rate is getting very close to 20%. Several contributors to this site have found that even with good credit they are still being slapped with an interest rate of 20% or more just because the industry is struggling so much.

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Author: Jeremy North

Category: Bad Credit Credit Cards

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