FOR IMMEDIATE RELEASE
December 18, 2007
Contact: Dave Gilbert
dgilbert@phillips.com
301.279.4201 ext. 2090
BEWARE OF NEW CREDIT CARD COMPANY TRAPS
THAT CAN WORSEN HOLIDAY DEBT “HANGOVER”
Just in time for the holidays: how you can avoid the traps in What Your Credit Card Company Doesn’t Want You to Know from Ken and Daria Dolan at dolans.com.
WASHINGTON (December 18, 2007) – It’s that time of year again when millions of shoppers throw caution to the wind with their holiday spending, and credit card companies are only too happy to reap the rewards.
Not that the companies need the windfall. According to nationally-respected personal finance experts Ken and Daria Dolan in What Your Credit Card Company Doesn’t Want You to Know, some credit card companies have become increasingly adept at picking their customers’ pockets clean, not only at the holidays, but all year long.
Says Ken, “Credit cards are essential, but make no mistake about it - some credit card companies love hiding behind a wall of small print that most consumers would need a magnifying glass to read. We blow the whistle on eight of their latest tactics that not only encourage bad consumer habits, but also help them grab more of their cardholders’ money right out from under their noses.”
The “buyer beware” ploys uncovered by the Dolans include:
- Low introductory rates that can shoot up even before the promised introductory period is over
- Reduced minimum payments that can stretch out modest balances and interest for decades
- Interest grace periods that have been quietly cut back or eliminated altogether
- Convenience checks and cash advances saddled by huge transaction fees and higher interest rates
- Skip-a-payment offers that can add more in interest costs than a dreaded late-payment fee
- New hidden fees…including inactivity fees, over-limit fees and transaction fees every time the card is used…even fees for closing the account
The Report explains how consumers can turn the tables on each of these credit card traps, including how to negotiate lower interest rates on existing credit cards and where to search for cards with the lowest rates for new cards. It also features the five “Dolan Do’s” for choosing the right credit card and other money saving tips for reducing credit card costs to an absolute minimum.
What Your Credit Card Company Doesn’t Want You to Know can be viewed by clicking here.
The Dolans home page is http://www.dolans.com.About dolans.com: Launched in October 2007 by nationally syndicated radio hosts Ken and Daria Dolan and InvestorPlace Media, www.dolans.com offers expert practical advice on every personal finance matter imaginable including debt management, taxes and estate planning. The Dolans bring a combined 40 years of proven expertise to the internet and are known and trusted by millions of people, thanks to their award-winning 20-year career on national radio. The Dolans have also hosted a weekly CNN television show and authored five books on personal finance topics.
About InvestorPlace Media, LLC: InvestorPlace Media, LLC publishes investment newsletters geared to all investing styles and strategies. The InvestorPlace.com group publishes some of the most successful investing strategists in America. View a complete list of the websites at http://www.investorplace.com
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Child Savings AccountsWhen opening a savings account for your child, make sure their Social Security number is used as the account's tax identification number. That way, as long as your child is under age 14, interest earned will be taxed at your child's lower tax rate, not at your tax rate. This rule holds true as long as your child earns less than $1,300 a year in interest. |
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