Beware Of New Credit Card Company Traps That Can Worsen Holiday Debt 'Hangover'

WASHINGTON, December 18, 2007 - It's that time of year again when millions of shoppers throw caution to the wind with their holiday spending, and credit card companies are only too happy to reap the rewards.

Not that the companies need the windfall. According to nationally- respected personal finance experts Ken and Daria Dolan in What Your Credit Card Company Doesn't Want You to Know, some credit card companies have become increasingly adept at picking their customers' pockets clean, not only at the holidays, but all year long.

Says Ken, "Credit cards are essential, but make no mistake about it - some credit card companies love hiding behind a wall of small print that most consumers would need a magnifying glass to read. We blow the whistle on eight of their latest tactics that not only encourage bad consumer habits, but also help them grab more of their cardholders' money right out from under their noses."

The "buyer beware" ploys uncovered by the Dolans include:

-- Low introductory rates that can shoot up even before the promised introductory period is over

-- Reduced minimum payments that can stretch out modest balances and interest for decades

-- Interest grace periods that have been quietly cut back or eliminated altogether

-- Convenience checks and cash advances saddled by huge transaction fees and higher interest rates

-- Skip-a-payment offers that can add more in interest costs than a dreaded late-payment fee

-- New hidden fees ... including inactivity fees, over-limit fees and transaction fees every time the card is used ... even fees for closing the account

The Report explains how consumers can turn the tables on each of these credit card traps, including how to negotiate lower interest rates on existing credit cards and where to search for cards with the lowest rates for new cards. It also features the five "Dolan Do's" for choosing the right credit card and other money saving tips for reducing credit card costs to an absolute minimum.