Consumers have often wondered what they did to earn high interest rates on their credit card. Below you can find out another reason for the increased rate and an explanation of “universal default”.
A growing number of credit card issuers are imposing high-risk interest rates on customers who miss any monthly payment — such as a utility bill, mortgage payment, bank loan or credit card bill.
Called “universal default,� the clause is used by about 45% of credit card issuers. The clause, generally spelled out in the fine print of the credit card agreement, says that if you are late on payments to anyone, the interest rate on your credit card could skyrocket while your credit score is damaged.
{"id":88,"date":"2006-02-14T12:59:02","date_gmt":"2006-02-14T17:59:02","guid":{"rendered":"http:\/\/www.cashunclaimed.com\/unclaimed-property-blog\/uncategorized\/a-late-electric-bill-can-now-increase-your-credit-card-interest-rate"},"modified":"2006-02-14T12:59:06","modified_gmt":"2006-02-14T17:59:06","slug":"a-late-electric-bill-can-now-increase-your-credit-card-interest-rate","status":"publish","type":"post","link":"https:\/\/www.cashunclaimed.com\/unclaimed-property-blog\/personal-finance\/debt\/a-late-electric-bill-can-now-increase-your-credit-card-interest-rate","title":{"rendered":"Paying your electric bill late can now increase your credit card interest rate."},"content":{"rendered":"\n\n\t<\/p>
Consumers have often wondered what they did to earn high interest rates on their credit card. Below you can find out another reason for the increased rate and an explanation of “universal default”.<\/p>\n\n\t
<\/p>
A growing number of credit card issuers are imposing high-risk interest rates on customers who miss any monthly payment — such as a utility bill, mortgage payment, bank loan or credit card bill.<\/p>\n\n\t
<\/p>
Called “universal default,� the clause is used by about 45% of credit card issuers. The clause, generally spelled out in the fine print of the credit card agreement, says that if you are late on payments to anyone, the interest rate on your credit card could skyrocket while your credit score is damaged.<\/p>\n\n