00:00You open a credit card with a $300 limit only to owe 250.
00:05This immediate debt is not from a purchase but from a series of mandatory bank charges.
00:11These fee harvesting cards are specifically designed to trap you in debt before you ever swipe once.
00:17The bank charges massive application and monthly maintenance fees directly to your brand new credit balance.
00:23This predatory math ensures you start your financial journey with a credit utilization rate near 80%.
00:30While you think you are building credit the high balance actually works to tank your score.
00:36You are forced to pay compounding interest on the fees they charge just to join them.
00:41These lenders do not profit from your retail purchases but from the unavoidable fees they manufacture.
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