Owning a credit card these days is almost second nature to people. It is very hard to live in a society where plastic money is worshiped and revered a lot more than actual money because the former allows more purchasing power than the latter.

You might have received calls which are all about getting you to sign up for so called zero percent credit cards and there is a very good chance that in more than one occasion, you have said yes.

This is not at all a bad thing if you know exactly what they real deal is. There are a lot of things that banks and credit card companies do not tell you up front because such facts lessen the appeal of what they are offering.

These so called zero percent credit cards can be very dangerous to your finances if you are not careful enough. Although it is true that there are zero percent cards that are issued by banks, you also cannot count on it staying at that rate.

You see, the credit card business is much like the deregulated oil price condition in the world because there are no direct controlling bodies that will oversee the application of rates and fees on such cards when they are used and/or issued.

If and when the banks decide to increase the rate from zero to ten percent, there is absolutely nothing that you can do except to pay or cancel the card.

Another thing is that you will not know exactly why they are increasing your rate. Just so you are aware, if you happen to miss a payment in one of your other cards or even in your mortgage or your car payment or insurance policy premiums, any of these reasons can be grounds for the company to increase your interest rate because you are now deemed as a high risk customer.

You have to be very careful when signing up as well as using these zero percentage credit cards if you want to stay out of financial troubles such as going into serious debt or getting bad feedback on your credit report.

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