The credit card consumer bill of rights and the recent credit crisis are changing the rules for credit companies so it is essential to act now to find credit cards for bad credit with no annual fee. The credit consumers bill of rights will be leading to a credit card industry overhaul that will force the industry to seek their profit in different ways, and make no mistake they will find it with annual fees and additional costs attributed to your extended credit.
Soon will be gone the days of multiple offers for credit cards for bad credit with no annual fee attached, I'll explain why our time is running out. The additional regulation that experts expect in the credit card industry, quickly summarized, will be restricting the penalties, fees and rate hikes associated with missed payments, late payments and bad credit individuals. Score one for the consumer, one would think, but the truth is more insidious.
The juicy profit that the credit card industry is able to reap from people with bad credit who do not meet their credit line term agreements amounts to millions of dollars annually. This loss of a revenue stream for the credit card industry will need to be replaced to keep the shareholders happy, and the ideas that are being discussed by the insiders consist of passing the costs along to the consumers who are not incurring these fees, through responsible credit practices, and increasing the up front costs for people with bad credit.
Where as before the industry changes you would be able to get credit cards for bad credit with no annual fee programs with the idea being that if you stumble financially and do not make your payments as agreed you will be subject to these fees, soon you will not even be given the chance to be a responsible borrower. These annual fees will be assessed to all borrowers to spread the losses that the additional restrictions will force the lenders to incur.
So how does this affect you in your search for credit cards for bad credit with no annual fee? Simple, soon you will not be able to find these no annual fee offers, they simply will no longer exist. Grab what offers you can, while you can, as the drastic changes the industry will be undergoing will leave little the same as we know it when we think of our convenient credit card programs.
It remains to be seen whether these credit cards for bad credit with no annual fee will be subject to changing their terms during the life of your relationship, but you can at least enjoy the benefits of no annual fee while you can. As with any credit decision we recommend you read the fine print of your bad credit card agreement carefully, as the only protection is to be an informed consumer.
Soon will be gone the days of multiple offers for credit cards for bad credit with no annual fee attached, I'll explain why our time is running out. The additional regulation that experts expect in the credit card industry, quickly summarized, will be restricting the penalties, fees and rate hikes associated with missed payments, late payments and bad credit individuals. Score one for the consumer, one would think, but the truth is more insidious.
The juicy profit that the credit card industry is able to reap from people with bad credit who do not meet their credit line term agreements amounts to millions of dollars annually. This loss of a revenue stream for the credit card industry will need to be replaced to keep the shareholders happy, and the ideas that are being discussed by the insiders consist of passing the costs along to the consumers who are not incurring these fees, through responsible credit practices, and increasing the up front costs for people with bad credit.
Where as before the industry changes you would be able to get credit cards for bad credit with no annual fee programs with the idea being that if you stumble financially and do not make your payments as agreed you will be subject to these fees, soon you will not even be given the chance to be a responsible borrower. These annual fees will be assessed to all borrowers to spread the losses that the additional restrictions will force the lenders to incur.
So how does this affect you in your search for credit cards for bad credit with no annual fee? Simple, soon you will not be able to find these no annual fee offers, they simply will no longer exist. Grab what offers you can, while you can, as the drastic changes the industry will be undergoing will leave little the same as we know it when we think of our convenient credit card programs.
It remains to be seen whether these credit cards for bad credit with no annual fee will be subject to changing their terms during the life of your relationship, but you can at least enjoy the benefits of no annual fee while you can. As with any credit decision we recommend you read the fine print of your bad credit card agreement carefully, as the only protection is to be an informed consumer.
About the author:
Ariel Pryor is a consumer credit expert who helps people with Bad Credit to find financing with loans and or credit card offers despite their credit history.
Check out Credit Cards for Bad Credit. Let rebuild your finances and get back on track to the financial rewards you deserve.
Ariel Pryor is a consumer credit expert who helps people with Bad Credit to find financing with loans and or credit card offers despite their credit history.
Check out Credit Cards for Bad Credit. Let rebuild your finances and get back on track to the financial rewards you deserve.
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