The Universal Default Clause is clearly something to worry about if you have trouble paying your bills. I don’t think I knew about it until recently when my mother paid for one of her credit bills late. The interest rate was absurdly high when the next bill rolled around, and when she called the credit card company they told her about the clause. Ever since then, she has been reading all the fine prints before applying to any credit card company. It is always a safe bet to read any contracts before signing for anything, even if it appears inconsequential.
What I did not know about in this Universal Default Clause is having a trigger for “having too much debt” and applying for a car loan or a mortgage loan. That is really horrible for people who are having difficulty paying for their bills. There are factors to consider about why they would even do such a thing – like the fact that they currently don’t have the finance availability due to a loss of a job, or something serious as that.
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