Apply for Instant Bad Credit Credit Cards – Extra Spending Money for 2010
Posted on | December 29, 2009 | No Comments
There are many ways that you can apply for an instant bad credit credit card in 2010. If you are currently looking for extra spending money for next year then a credit card is definitely an option. Before you decide that this is the right option it is very important for you to understand how the credit card industry works. If you do not understand this then getting a credit card in 2010 is probably not the best financial decision.
The credit card industry is going to greatly change over the next two months. The credit card Bill of Rights takes effect in February and you are likely to see many credit card companies change your interest rate and make it a fixed rate. This can be good and bad but most of the time this is a bad thing for consumers. If you currently have a credit card you have probably gotten a letter in the mail explaining this.
Even if you have very good credit you are often seeing interest rates increase significantly because of the credit card Bill of Rights. The Bill of Rights says the credit card companies cannot adjust your interest rate based on any information that does not involve that specific credit card. It used to be the case that they could increase your interest rate if you missed the cell phone bill or a payment on another credit card. This is no longer the case.
With this being their new standard credit card companies are increasing the fixed rate on most credit cards. They realize that they are not going to be able to adjust rates so they are just assuming borrowers are going to continue to dig themselves deeper in debt. With the trends that have been created no one can argue against this.
This is the exact reason that is very important that you do your research before applying for a bad credit credit card. You may very well get a low introductory rate on your credit card but this will quickly change when the introductory period ends. You will then see your interest rate increase drastically which could cause you to dig yourself further in debt.
Author: Mike Garner
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