Tip of the Day: An Explanation of a Universal Default Clause (2/25/09)

February 25, 2009

Today’s tip features Dennis Johnson of ClearPoint Financial Solutions as he explains a universal default clause. This clause may be part of your credit card application, and it means your credit card company can monitor your credit history. So if you miss a payment with anyone, your credit card company can raise your minimum payment amount and/or your interest rate. It’s especially important to understand the terms of your credit card and to read everything your credit card company sends to you.