Ways banks keep you in debt

Banks and credit cards always have special offers. Like transfer your balance and receive 1% for life of balance. OR All new purchases only 6.99%.

One of the things I've seen is most credit cards would like you to transfer most of your balances to one card. This gives several advantages.
1. If you miss payment they can increase your rate
2. More difficult to transfer a large $14,000 balance to another card
3. Can change terms after initial offer

What they also do is continue to increase your available credit. However, with the current credit environment some are starting to lower your available credit. This can hurt in several ways. One you now would have less purchasing power. More importantly it can hurt your credit score.

I will go in further detail in my upcoming book regarding banks and credit cards.

LESSON: Always read offers and make sure you fully understand how long initial rate lasts. Then make sure you find out what new terms will be if they are available.