Having bad credit sucks

I already talked about my mom and her credit card. I just found out that she was considering getting a credit card balance transfer to pay off her debt. I thought that was good until she told me what kind of interest rate she was getting. It was something outrageous line 22.9%. For a credit card that's not unusual, but a balance transfer? You can usually get 0%-3.9%. She has bad credit so that makes a big difference. You can't really be too picky with the rates you since the banks don't really have to compete for your business. They know they have you between a rock and a hard place. Most people with bad credit are really in a bind and will do anything to get the money.

You really can't blame the banks though. That's how they make their money. If everyone had good credit, the interest rates would always be low. I just feel bad for my mom because she lost her job and went delinquent on 2 credit cards. Instead of working with the companies, she tried to charge the cards off. She owed too much money and the credit card companies were not going to let that go. In the past year, she paid the accounts off, but she still has to deal with the low credit rating for the next few years. We've talked about it and she's decided not to get the card. I told her when I come home the next time, we'll look online and compare rates and fees before she applies for any more credit.