A default interest rate is the rate charged when you fail to pay according to the agreement you signed when obtaining your credit. For instance.
If you fail to pay the minimum balance on your credit card this month. You may have paid some sort of interest penality in the past on maintaining your balance, but if you do not pay anything then the card company issues a Default Interest rate to the maximum published as a big penalty. They will usually access this larger rate for a period of 3 months after you bring your account into "Good Standing"
Credit cards can be tricky things, especially when you inadvertently miss a payment. The interest is charged from the begining of the period you borrowed the credit, not from the point from which you defaulted... Costing Americans millions of dollars per month in excess charges. Big business, Big money... Read and UNDERSTAND the whole card holder agreement. Contact us at Bankruptcy-America.com for more indepth information.
If you fail to pay the minimum balance on your credit card this month. You may have paid some sort of interest penality in the past on maintaining your balance, but if you do not pay anything then the card company issues a Default Interest rate to the maximum published as a big penalty. They will usually access this larger rate for a period of 3 months after you bring your account into "Good Standing"
Credit cards can be tricky things, especially when you inadvertently miss a payment. The interest is charged from the begining of the period you borrowed the credit, not from the point from which you defaulted... Costing Americans millions of dollars per month in excess charges. Big business, Big money... Read and UNDERSTAND the whole card holder agreement. Contact us at Bankruptcy-America.com for more indepth information.
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