In February, his interest rate shot up to 19.9% and his line of credit went from $18,000 to $15,000. He made his payment on time; however when his March statement came in, his interest rate was now 29.9% and his line of credit was now down to $12,000. So in two months, he went from a “good customer” with this creditor to one that was now “over his limit.”

Needless to say, they charged him an extra fee for being over his limit. Look around you, or more importantly look at your statements closely. These banks and credit card companies are using all kinds of tactics like this, almost unheard of a year ago, as a way to recapture some of their losses for stupid mistakes they made.

I told my client I would look into this for him, only to find out it was all legal. Legal loan sharking I would call it. However, it really has come down to a war out there with credit cards. That is why the debt reduction business in growing so fast now a days.

So, one asks, with the proliferation of all these debt relief or debt reduction companies out these, which one is best for me? My response is to do your homework. Look for companies that have been in business for a while. Check with the Better Business Bureau and see how many complaints have been filed against the company. Finally, if all else fails, click the link “Getting Started” and we will help you with a free no obligation quote. It’s your money, however they think it’s theirs!