Credit card/ loan offers in the mail
At this moment in my life I am so anti-credit cards because I am trying to become debt free and credit cards are part of the debt. However, just like many people, I still receive many credit card and loan offers in the mail. Many financial institutions out there still want to help me increase my debt. I know some of these offers are not guaranteed and they would still have to approve you officially before giving you the money.
When I receive these offers, I usually open some just to see without any intention of applying and sometimes I just shred them without opening. As I got older, I got wiser. When I was younger, I would have probably fallen for these offers. Nothing is wrong with getting a credit card if you know the terms and also use it responsibly. Back then I was not that wise and I know I signed up to get some loans without even understanding the terms, things like interest rate and other fees.I might not know everything in the financial world but I am happy that I am much wiser financially than I was 7 years ago. Even the latest decision I made of becoming debt free and taking control of my finances is a big step of my financial wisdom.
Below are some few offers I have received in the past:
- Chase Credit Card : - 0% intro APR for 1 year then jumps to a variable 17.99%, Failure to make payment,late payment or returned payment, the APR jumps to 29.99%. The fee is $35. No annual fees.
- Spring Leaf Financial Loan: $5250 – APR is 24.40%, monthly payments – $171.57 for a term of 48 months.
- HSBC credit card : 0% intro APR then after 12 months jumps to 19.99%, Penalties APR is 30.99% and penalty fee is $35. No annual fees.
- Credit one Bank credit card: $1500 – APR is 23.90%, Penalty fee is $35 and Annual fee is $75 for first year then $99 there after. Really?
These are just a few but I have received but I get other big money offers. All I am trying to say is, give these offers to a 20-year-old who needs money and is not very wise financially and by chance when they apply they get approved, their financial life starts to take a dip. I did those mistakes. I never looked at the APR’s or fees. I just looked at the monthly payment and if I think it’s affordable, I would take the loan/credit card. Okay, I did not take many. Most of my debt is school loans but I have 2 credit cards I despise. You know the kind you make your minimum monthly payment and “the balance gets bigger instead of shrinking” because you messed up the payments? hahaha.
Anyway, do you receive absurd credit card/loan offers? Share one that you have never forgotten.