Credit Card Companies Will Try To Trap You With This Trick During The Holidays — Don’t Let Them!

Lots of us use credit cards to do our shopping, especially around the holidays.

Many stores also offer their own credit cards that might even come with discounts. Consumer reporting agencies say that you should be very, very careful with lesser-known credit cards, however. One way they try to pull you in is by offering deferred interest, which can really screw up your finances for years to come.

Deferred interest means that you don’t have to pay interest for a certain period of time, usually six or twelve months.

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If you think you can pay off your card within that time frame, it can seem like a no-brainer to go with a deferred-interest option.

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But if you end up not being able to pay off your purchases in time, you may be subject to incredibly high interest rates.

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But if you end up not being able to pay off your purchases in time, you may be subject to incredibly high interest rates.

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So, what should you do? Always read the fine print before you get a deferred-interest credit card.

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For some, a card with this feature is a good choice, but for the significant number of consumers who don’t pay off their holiday debt within six months, it can be financially devastating.

–VIRALNOVA

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