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This fine print in credit card agreement is a sign of danger!

Nowadays credit card companies are becoming very alert and aggressive to safeguard their money. You will come across a ‘universal default clause’ in many company agreements. This means if you fail to pay dues as small as your library dues you have made a biggest mistake which is big enough to destroy your financial life!

When you get your new credit are you do not spend much time in reading the agreement and just sign it in a hurry to send it back to the card issuer. But never ignore the fact that most of the companies have this risky clause in their agreement called as ‘universal default clause’.

It can be explained as, if you ever fail to pay any of your bills within 30 days, you become defaulter for the credit card company as they have got a reason to that. By doing so they are now free to play with the credit card terms.  They can increase the rate of interest, fees and penalties as per their terms. The interest rate are not just increased they can be doubled also!

Credit card companies can harden their terms for many small causes. If you are shifting out of U.S., or even if you change your mailing address and it is out of U.S., this is a reason strong enough for them to make the terms harder. By mistake if you exceed the credit limit of any one credit card can be treated as your incompetency by the rest of them.

You may not be aware of the strong network these credit card companies have amongst them. You think if you are late in paying dues of one credit card, why should the other one get affected? But this is not so due to your credit report. This credit report in frequently checked by the credit card companies and at any time if they observe delinquency in your account, they will immediately take action on that. If you try to question them, this is the time when the universal default clause comes in picture and you are just helpless.

This clause will have severe consequences in coming years. It would be hard for you to get good mortgage terms and also the auto loans. Any profitable pre-approved offer won’t be there for you.

It is not that easy for you to reject credit card agreements which contain universal default clause. You need to accept it. But still take some precautions.

Whenever you receive a pre-approved offer, be patient to read even the fine print before you accept it. If the universal default clause is there, ask yourself if you really need the card. Signing the agreement means you are bound to it by law.

Keep a close watch on your credit card accounts and be updated about your payment due dates. If you disagree with any charge, immediately contact the creditor and get the matter resolved. Never wait in such issues till you receive the outstanding statement.

The due date for payment of your credit card should be as per your convenience or else contact the card issuer and change as per your comfort.

If you receive the bill do not wait for the due date to come if you already have enough funds. You should make the payment as soon as possible. If you are running short of funds it is always better to contact the creditor and make arrangements for payment. The option of electronic clearance of bills can really bring peace for you.

It is not a big thing for you to eventually miss out a payment but your card issuer may not agree to this. The delay in payment can damage your financial life not just for months but for years to come!

Credit cards are becoming essentials of life. That is why you should maintain them nicely. If you are unable to make payment of your dues in time, it will affect you in several ways. But now even if you miss out any other payment, you may be playing with your financial life. This is due to universal default clause. What is it exactly? Chintamani Abhyankar shows the dangers of universal default clause in this article.

About the Author

Chintamani Abhyankar, is a well known expert in the field of finance and taxation for last 25 years. He has written many books explaining inside secrets of the magic world of personal finance. His famous eBook Stop donating your money to IRS which is now running in its second edition, provides intricate knowledge and valuable tips on personal finance and income tax.

Do I have to get this report card signed?

I have just gotten my report card from my mail on my bike which took me an hour to ride there. I'm in middle school 6th grade. Our usual report cards and progress reports never have to get signed. But there's a rumor about it having to be. Last week, we had our semester exams and DAC test. Those grades are on my report card too. Would I have to get that signed? Our usual report cards have a place where it's supposed to be signed but we never have to. But now do I have to? Semester exams and dac?

Ask a teacher genius. And if you do get it signed then WAKE UP CALL. Get better grades.

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