Are All Loans or Credit Cards with High Interest Rates Predatory?
No, not necessarily. It is fairly common for bank, department store, and gasoline credit cards to have high interest rates. These cards usually have an interest-free grace period, so you will not pay any interest if you pay your bill in full every month. Interest rates for a mortgage, home equity, auto, or personal loan are usually considerably lower. The interest rate for your loan may vary based on the lending institution, type of loan, and your personal credit history. Plan to contact at least three lending institutions to compare their interest rates and loan options. You may also want to check the real estate or business section of your local newspaper, or use popular search engines on the World Wide Web, to check current interest rates. Where Can You Get Help? You may get helpful information and guidance from a local nonprofit housing or credit-counseling agency. Start by looking in the yellow pages of your local telephone book. Many of these agencies provide free services or cha
