The Credit Utilization Ratio — A Ticking Time Bomb?
There has been a lot of media attention regarding the recent Congressional hearings on practices of the credit card industry. One of the subjects receiving coverage is the “universal default clause,” which consumer advocates have vocally complained about for years. This insidious provision is buried in most credit card agreements, and it permits a credit card bank to raise your interest rate sky-high if you default on payments (Click to continue reading this post…)