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Zero percent interest offers can cause overwhelming debt in Texas

Credit card companies will use a variety of techniques to attract new card members. However, many people in Texas and other states are finding out that the promises and offers marketed by credit card companies are not exactly what they appeared to be at first glance. Unfortunately, this can cause people to be faced with overwhelming debt from credit card bills.

This is what happened to one woman when she became attracted to an offer from a credit card company for a 0 percent introductory rate. The woman transferred $5,000 onto the new card from her old credit card in order to stop the interest being charged on that amount. She then purchased a $300 jacket that she had been interested in that was on sale at a department store.

At first, the woman was happy because she believed that she was being charged no interest on the amount transferred from the old credit card as well as the amount used to purchase the jacket. However, when she received her bill, there was interest charged on the $300 used to buy the leather jacket. Apparently, the 0 percent interest offer only applied to transfers and not to purchases. By the time she received her first bill, it was too late to obtain a refund, which means she will now have to pay the unexpected interest on the jacket.

Consumers in Texas and other states regularly find themselves in situations just like this woman. They are faced with unexpected interest charges that quickly lead to overwhelming debt that they have trouble paying off. However, there are options to eliminate this debt. One commonly used method is filing for Chapter 7 bankruptcy, which is designed to discharge unsecured debts such as credit card debt.

Source:, Seductive Credit Card Offers, Sneaky Debt, Juliette Fairley, Nov. 12, 2013

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