Minimum payments going up, up, up!

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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Minimum payments going up, up, up!

Postby Cucumber » Sat Feb 21, 2009 2:58 am

Remember when back when Bush started those new rules about credit card minimum payments back a few years ago and the banks balked at having to raise their minimum payments to 2% of balances and a max of 10 year total time for paying it off? Now I keep hearing stories about banks voluntarily uping the minimum payments on credit cards to 5% per month now!!! That is kind of high if someone was use to paying 2% before that. Talk about adjustable rate mortgages going up on people what about a credit card payment going up 250% in one month!!!! Chase is one doing it and I heard B of A is upping minimum payments on cards for some customers too. I know they shouldn't be having big balances they can't afford but yea the truth is a lot of people do so what can you do about it you know.

I swear with everything I'm seeing in the news lately I'm starting to get REALLY scared about the economy where it's heading. All we are seeing is job losses and things like this going on and nothing good to turn the situation around. Seriously as long as things like this continue we are not going to recover....
Stop talking crap about him!

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Postby AnthonyBarone » Thu Mar 05, 2009 12:08 pm

That's a Bushism right there too. Part of his bankruptcy reform changed the minimum payment requirements. He changed them so the minimum payments got to pay off the whole balance in 10 years. That's probably a good thing right there because before that we had folks raking up credit card bills that would take them decades to pay at the rate they were making minimum payments. Now it's that banks are scared of losing money so they're trying to make that debt due now instead of later. When no one has a job and those that doing are taking pay cuts it's kind of hard though to pull that one off.

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Postby Floppster » Thu Mar 05, 2009 8:02 pm

Lets just face it, if you can't afford it don't get it. If you fall for the trick in the past 5-8 years it is your own problem.... I hope they'll discontinue credit cards and replace it with charge cards. Believe me we would be way better of !!!
Intellectuals solve problems. Geniuses prevent them.
- Albert Einstein 1879-1955

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Plent of blame to go around

Postby teddy19 » Sun Mar 15, 2009 2:13 pm

I've worked in the finance field and have seen many credit cards take almost 30 to 40 years to pay off. Uping the percentage may help pay off a bill quicker. However, people still the option to use the credit card for additional purchases.

Most people do not stop using a credit card. That's the real reason why debt has exploded with over $957 Billion owed on credit cards.

Banks are not your friend when it comes to paying off debt. How many times have you gone to the bank to make a deposit or withdraw money and the teller asks if you want to apply for a credit card. This happened to me last week.

The bottom line people need to have a debt plan themselves and not look for the government to help them pay off the bills. Start a debt stacking plan or something.

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Postby wendypollman » Tue Jul 14, 2009 4:30 am

Yeah it's true, if you are employed right now then someone
offers you a credit card, don't accept it. Being hooked in debts is really an annoying. This is also the cause of being jobless in the future.

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Postby fffresh » Tue Sep 01, 2009 1:15 pm

The days of credit cards being cheap debt are over. Three or four decades ago people would run their balances up sky high because to them it was like free money since the monthly payments were only $5 or $10 a month.

Whenever anyone says today we have a credit problem I always remind them to look back. This is not a new problem and in my opinion it was worse 30 years ago. There was a different mindset behind the debt.

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