by Jim Henry

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The Debt That Stole Christmas (5 of 6)
Series: God's Financial Plan: Don't Leave Home without It
Jim Henry
Proverbs 22:7, 26-27

This came in the mail yesterday, just yesterday. So I thought I would be really up to date. "Expiration notice offer expires soon! James, send for your card with up to $2,000 credit." I opened it up! "Terms and conditions: APR, annual percentage rate, 0% through your statement date in October, 2003, after that 23.99%. Cash advance, APR, 23.99% that is automatic; default APR up to 28.99%." The average American makes two late payments every year and that would be at 28.99%. "Purchase APR 23.99% or the prime rate which is now 4.25% plus 19.74%, which ever is greater; default APR up to 28.99% or up to the prime rate plus 24.24 which ever is greater." That was a great offer that came in the mail for us yesterday at the Henry residence!
But that was not the only one! I got another one. This one says "no annual fee! Earn 5% on credit card purchases and initial balance transfers. Summary of terms: A fixed introductory APR of 0% will apply through your billing cycle ending in February, 2004. After that a variable premium APR will apply 9.99% as of January 1, 2003. Variable cash advance APR 19.99% as of January 1, 2003, minimum cash advance APR 19.99%. Your premium APR may vary. The variable rate is determined by adding the index plus 5.74%. For each billing cycle the index is determined in the month prior to the month in which the billing cycle ends." In that prior month, the highest prime rate published in the Wall Street Journal is selected by the index. If the index is changed, the new variable rate will take effect with the billing cycle--and on and on it goes.
Do you ever get anything like that in the mail? It sounds so appealing, doesn't it? What does God's Word say about debt? The debt that stole Christmas. I just found these and saved them for today.

In too Deep? What to do About Debt.

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