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  • Guide to Understanding Credit Cards Terms & Conditions (Part 1)

    The easiest way for borrowers to understand credit cards’ terms and conditions is to ask specific questions regarding the cards’ fees, interest rates and other conditions.

    The easiest way for borrowers to understand credit cards’ terms and conditions is to ask specific questions regarding the cards’ fees, interest rates and other conditions.

    The small print on any contract is not only hard to read but can be difficult to understand, as the legal language associated with the terms and conditions of contracts is often obtuse. Unfortunately, this tends to also be the case when it comes to credit card contracts, making it likely that people will sign the contracts to open up a new line of credit even if they don’t fully understand what they may be getting themselves into. Although borrowers may be in a hurry to get a new credit card, it’s crucial that they do NOT sign any contract until they are fully aware of the terms and conditions associated with that credit card.

    The best thing a borrower can do – aside from reading and understanding the contract on his own – is to ask as many questions as needed in order to clarify the various terms and conditions associated with a credit card. This can not only save a borrower a significant amount of money down the line, but it may also prevent him from becoming buried in massive debt and high interest rates in the future.

    Important Questions to Ask about Credit Cards’ Terms & Conditions 

    The following are some of the key questions that borrowers should ask in order to clarify the specific terms and conditions associated with a particular line of credit:

    • Late payments – When does a creditor consider a payment to have been made late? What is the cost of the fee levied for late payments? Will one late payment result in an increase in a credit card’s interest rate?Credit card companies will have different answers for these questions, so it’s important that borrowers are aware of these details before they open up a credit card. In some cases, making a payment after a certain time on the due date can constitute a late payment, which could trigger both a costly late payment fee and a hike in the borrower’s interest rate.

    If you are struggling with debt and are looking for a financial fresh start, contact the trusted Colorado bankruptcy lawyers at The Law Office of Andrew McKenna. For more than 20 years, we have been successfully overseeing our Clients’ bankruptcy cases so they can resolve their financial issues as beneficially as possible. Our comprehensive legal knowledge coupled with our vast experience allows us to consistently and efficiently help our Clients achieve the best possible resolutions to their financial matters. For an evaluation of your case and expert advice regarding how to move forward, call us at (303) 730-8819.

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