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The simple solution for everyone here is to read the back of the offer letter (and any other fine print) from the credit card issuer first.

If the interest rates are too high (like 12 percent or above) or if you see that annual fees (better known as "yearly" fees) will be assessed on the first month's bill, or if you have trouble understanding the terms and conditions, don't apply for the card. Simply shred the application and put your name on the optout list so that you don't receive any more unsolicited offers from the banking or retail industry.

Another way to keep the preditors away is to get people to attend money management classes. It's the best defense against desperation and temptation and it keeps you from going into debt.

A. Cook

Duwoody, GA

Mar 18 2007 - 12:52pm

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