What credit card companies don't want you to know

Anytime a credit card company calls you “good-credit people” start running. Credit card companies refer to people who keep balances on their credit cards as quality folks. The credit card companies love you when you owe them money.

If, on the other hand, you pay off your credit card balance at the end of every month…the credit card companies don’t like you…and don’t be surprised if they cut you off. Basically, the credit card people think of you as a “dead-beat” if you pay off your credit cards every month.

Now, think about this for a moment. If the big credit card companies love you when you owe them money and consider you a good-credit customer what does that really say to you?

Maybe you (and me) are the dummy?

Credit card companies are in business for one thing and one thing only…Money. They want your money. Credit card companies loan you money and hope you don’t pay it off so they can make 13% - 24% interest.

The rest of the story is if you pay the minimum payments on credit cards it will take you 27 years to pay it off with thousands of thousands of dollars you’ll pay in interest. Way more money than what you originally borrowed.

So, the next time a credit card company tells you you’re such a good customer begin to run quickly. Unless you beat the banks at their own game…paying off your credit cards and not having to pay the big banks interest is the smart way to go.

Why don’t you become a bad customer to the bank…a dead-beat because you’ve paid everything off and now the big credit card companies can’t make any money off you.

David Dassow