Credit Card Companies Desperate For Consumers Who May Be Thrust Into Atlanta Bankruptcy

You've probably noticed the increase in TV commercials and website advertisements that credit card companies are developing. Typically the pitches include introductory low interest rates and high rewards, rewards, rewards! Well, that's just another credit card company money-making tactic in a huge push to sign up new customers for their death-trap cards and other offerings.

But what the commercials don't say is that the low interest rates apply only to a select few consumers. They also don't mention much about colossal hidden fees that can be charged in certain circumstances. Credit card companies are more likely to print these details in tiny fine print after you're signed up.

It's these fees and chicanery that lead many people to consider bankruptcy in Atlanta and throughout Georgia. When people get stuck making the minimum payment on their credit cards, the companies slam them with fees and make the balance significantly higher. This leads to years of battling credit card companies and trying to pay off what they owe.

That's why Atlanta bankruptcy lawyers would suggest you consider bankruptcy rather than struggle with mounting debt for years. It's better for most people to eliminate their debt through bankruptcy, giving them the opportunity to start anew.

According to, Citigroup sent out nearly 350 million credit card offers in the third quarter, enough for every man, woman and child worldwide to have their own credit card! That is an amazing statistic.

What this shows is that credit card companies are desperate in their attempts to get people to snatch up their credit cards so they can continue making money off them. While some consumers consider credit cards a lifeline or a necessity, the companies consider consumers ripe for the picking. Their fees and interest rates are the only way these companies can survive.

In the third quarter, The Wall Street Journal estimates that Citigroup spent more than $240 million sending out all those credit card offers. And that doesn't include the other marketing expenses, like hiring A-list celebrities for their TV commercials and online ads.

But Forbes says that the credit card companies overall are targeting more wealthy customers because this demographic is less likely to default on their debt.

MasterCard, for one, is trying to entice "high-end" consumers rather than sending out pitches for their card to every consumer. MasterCard's goal is to appeal to residents of certain metropolitan areas, starting with New York City. Its rewards program gives members the opportunity to enjoy perks at trendy local events, priority access to tough-to-reserve seats at swanky restaurants, and behind-the-scenes entry at certain activities.

While this may be a good move for the rich and uber-rich, the common man and woman probably won't be qualifying for these cards. No matter that everyone won't qualify on the high-end side because every credit card company -- MasterCard included -- has a other higher-cost types of cards to entrap the average person.

It's predatory lending practices that lead to the possibility of debt in Atlanta and elsewhere. When high interest rates and fees kick in, consumers are thrust into the position of considering bankruptcy to get out from what the credit card companies have done to them.

If you need to speak to an Atlanta bankruptcy attorney call the DebtStoppers Bankruptcy Law Firm at 800-440-7235 today for a free debt analysis.

More Blog Entries:

Medical Bills Increasing Factor in Atlanta Bankruptcy: August 30, 2011

Additional Resources:

An Attractive Trait to Credit Card Companies, by Jason Collazo,

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