The video discusses revolving credit services and their potential drawbacks. While these services can be helpful for those who need to make partial payments or have difficulty paying their credit card bills, they can also lead to accumulating interest and debt. Many unknowingly sign up for these services and may suffer from high interests rates and negative impacts on their credit scores. It is recommended to assess one's financial situation before signing up for revolving credit and to seek help from resources such as the Credit Recovery Committee if necessary.
1. Revolving service is a credit card feature that allows users to pay only part of their balance and carry over the remaining balance to the next month.
2. The interest rate for revolving service can range from 4% to 19%.
3. Accumulated balance from revolving service can snowball and eventually lead to debt that needs to be repaid.
4. Applicable revolving service differs depending on the card company and is determined based on the customer's credit score.
5. The rapid debt adjustment system allows for debt adjustments and payment installments over up to 10 years for those who apply before their payments become delinquent.