A clear description must be given of the calculation used to vary the rate, including the «index» used to base interest rate changes, such as the Prime Rate or 30 year Treasury Note, as well as the periods when the rate may be adjusted if the loan is subject to a «variable rate» of interest.
Be careful for…Credit Card Payments
Credit card issuers have now been reducing the «Grace Period» on bank card statements, and enhancing the fee that is late. Tall «penalty interest levels» can also be charged if the bill is paid later. In many cases, the charge card holder has compensated the balance well prior to the deadline, nevertheless the account is not credited in due time, leading to the belated fees and penalties.
Read moreCredit card issuers have now been decreasing the «Grace Period» on charge card statements