Bank of America’s new penalty rate on late credit card payments


RIP-OFF ALERT: Bank of America is facing declining revenues and sagging profits. So they’re looking for every way to get in wallet if you choose to business with them. Now comes word that the nation’s largest bank will begin instituting a new 30% interest charge when credit card holders miss a payment.

The new interest charge goes into effect in the last week of June. It goes without say that it is our responsibility to pay our bills on time every month. Yet the reality is that it’s possible for a bill to get lost in the mail, or piled under paperwork on your desk. Unfortunately, there’s no exception for humanity in what Bank of America is doing.

But remember, you only give them the power to charge you 30% interest if you run a balance on your credit card. In a capitalist system, having money makes you strong and lacking money makes you weak. Or to put it more bluntly, he who has the gold makes the rules!

If you resolve to never give Bank of America the power to squash you like a bug and you take control and never charge what you can’t pay in full at the end of each month, then you take away the power of the bully.

That’s my assignment for you. I want this story to be an item that’s irrelevant in your life because you’re handling your money so well!

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