gzowner
10-10-2005, 07:06 AM
Now where really getting butt fcked w/out the gelly
<div class='quotetop'>QUOTE </div>Consumers should beware of minimum credit card payments because they are going up and just in time for the holiday shopping season.
Federal regulators have begun clamping down on a credit card company practice of letting people pay so little they don't have a chance to get their heads back above water.
As it stands, the monthly payment often represents less than even the interest you owe for the month's balance meaning that without making any purchases next month's bill can be significantly more.
This is not a problem for someone like Mike Nevens who was buying a new TV Sunday. He pays his card balances every month.
(Nevens) "If you don't have the money you don't need to buy it. Too many people get in credit card trouble."
It is that trouble the new regulations hope to prevent. The credit card companies? new guidelines are to raise the minimum so it pays off all interest and fee charges plus 1% of your principal account balance.
(Nevens) "It would force you to be more responsible with your credit cards."
That is the idea of the new regulations. There is another change coming to personal finance. The new federal bankruptcy law takes effect October 17th and that is going to make significant changes to consumer debt laws.[/b]
<div class='quotetop'>QUOTE </div>Consumers should beware of minimum credit card payments because they are going up and just in time for the holiday shopping season.
Federal regulators have begun clamping down on a credit card company practice of letting people pay so little they don't have a chance to get their heads back above water.
As it stands, the monthly payment often represents less than even the interest you owe for the month's balance meaning that without making any purchases next month's bill can be significantly more.
This is not a problem for someone like Mike Nevens who was buying a new TV Sunday. He pays his card balances every month.
(Nevens) "If you don't have the money you don't need to buy it. Too many people get in credit card trouble."
It is that trouble the new regulations hope to prevent. The credit card companies? new guidelines are to raise the minimum so it pays off all interest and fee charges plus 1% of your principal account balance.
(Nevens) "It would force you to be more responsible with your credit cards."
That is the idea of the new regulations. There is another change coming to personal finance. The new federal bankruptcy law takes effect October 17th and that is going to make significant changes to consumer debt laws.[/b]