Information for Buyers: Beware of the Credit Card Trap
It is not unusual for many first time buyers to be debt free. They have been saving for their first home for many months or maybe even years. After moving into their new home, the new homeowners are deluged with pre-approved credit card applications from banks and stores offering lines of credit.
If they are not careful, before they realize what is happening, they can be over their heads in debt.
The consumer credit agencies know that to qualify for a mortgage the home buyers had to have been considered a good credit risk
They also know that new homeowners often make major purchases after they move in like furniture, appliances, and other household goods.
It can be very tempting after years of saving to just say “charge it” for things they need.
If you have just purchased or are planning to purchase a new home be wary of those great offers and keep your head above water.
We have learned this information through years of experience. However, we are sure your situation might be different. That's why WE ARE HERE. It is our job to personally advise home buyers and sellers. Ask us if any of the information here applies to your situation.
If you have any questions about the information you have found here or somewhere else, ask us. We will respond quickly without cost or obligation.