It’s astounding how regularly people will take out a credit card, finance, etc. without taking the time to read the small print of the contract they’re about to sign. A lot of times people are just happy to be granted a source of finance or credit that they just want to sign and get the ball rolling.
However, not reading the small print could end up putting you in a much, much worse situation and should always be read thoroughly and carefully. Let’s have a look at contracts for credit cards for example:
Most banks, credit card providers, etc. will supply an introductory rate to new customers. In a lot of cases, it’s this interest rate that got you signing up in the first place. However there is usually nothing in writing that states that you need to be kept at this lower rate, and often they’re set to increase after a certain period of time. This information would only be visible in the small print; so if you don’t read it, you could end up paying a lot more than you thought. This is particularly the case if you’re applying for adverse credit cards, as the interest rate with these is often higher that with normal credit cards.
Many less than honest credit card companies will do their best to try and hide their fees from you all together, hoping that first time you come across them is when they’re charging you. Take monthly credit card payments for a good example, if you miss your payment, you would expect to have to pay a fine, but do you know how much that fine would be? It changes depending on the company and often, that information is in the fine print of your contract. You shoud be particularly vigilant with these kind of charges if you’re concerned about bad credit, because getting into debt with your credit provider will only prove detrimental in the long run.
The other thing that is often stipulated or hidden in the small print is their insurance details. Numerous providers will offer insurance to cover purchases made on a credit car, but what is hard to find out is under which circumstances the insurance will (or won’t) pay out. Once again this kind of pertinent information will most likely be found in the small print of your contract.
If you are worried or concerned about not knowing everything about your provider, get in touch with someone (via either phone or online) who is trained to give out credit advice, they will be able to give you excellent advice on how and why you should be reading your contracts small print.
