That's simple enough until the payments start coming due. For many people on a fixed income, with little savings and the need to pay medical bills or make home repairs, the offer of immediate money in the form of a check as an advance against their credit limit, can seem like a blessing. But the truth is, it can lead to big trouble. Offers like these take advantage of seniors by promoting a low introductory rate, such as 4.9 percent, and then in the hard to read small print disclose that the rate will adjust up as high as 22 percent. All that most seniors can afford to pay each month is the minimum payment, with very little going to reduce the balance.
Seniors can find themselves making payments the rest of their lives.
So, what started off as a blessing quickly turns to a nightmare. The level of Clear Lake rose .36 inches over the past week. The lake level is 6.24 inches above the wier according to officials at the Water Treatment Plant. For more details on these stories, and many more, you can read the print edition of the Clear Lake Mirror-Reporter. Click here for information on subscribing.