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Chase to End Universal Default Penalties

Chase has announced that they will bestepping away from it. While this is
ending the universal default penaltiesdefinitely good news for consumers, you
on their credit cards as of March 2008.still may have credit cards with
Citigroup has already announced theycompanies who have not discontinued use
would end this practice earlier in theof universal default clause. It is
year.important to know and understand the
Credit card companies have started usingterms on your accounts so you will know
universal default penalties in the pastif you could suffer because of this.
few years to raise interest rates onAnother way to avoid the universal
potentially risky clients. By having adefault penalty altogether is to make
universal default clause in your creditsure you are paying all you bills in a
card terms, you can suffer from a verytimely manner. Pay at least $5 over the
high interest rate by paying late onminimum amount required in order to
another account, paying no more than theavoid being targeted as a "slow pay."
minimum amount several months in a row,Staying on top of your bills is the
or other similar behaviors.easiest way to avoid the highest credit
This type of penalty allows the creditcard rates.
card company to raise your interest rateIf you are having a hard time paying
for almost anything and makes it hard toyour credit card bills, seek help from
protect against. Even if you are onlyan accredited credit counselor. The
falling behind on one credit card, allcounselor can show you what options you
credit cards even with other companieshave to get back on top of your credit
could be affected.card debt, including strategies you can
After receiving scrutiny because of thisdo on your own.
practice, the credit card industry is



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