Comments on: Minimum Credit Card Payments Increase

By: ManuelRC

ManuelRC — Thu, 27 Aug 2009 08:47:25 +0000

I have Fixed Rate at 3.99%. The credit card company increase from 2% to 5% the capital. I called them and gave me the following options: First, pay the increased amount of payment (my case from $210 to $498)……… or change my fixed rate to 7.99% to lower to 2% the capital. IS IT RIGHT?……….

By: mbhunter

mbhunter — Mon, 23 Jan 2006 05:37:51 +0000

I remember in my 7th grade math class we did some problems that computed interest payments. It was related to savings growth, not interest paid on debt. After that, I don’t remember ever hearing any teaching on interest or debt, all the way through high school.

This information is usually found out the hard way.

Thanks for mentioning the Carnival of Debt Reduction! Some of the regular contributors are doing yeoman’s service getting out of debt.

By: samerwriter

samerwriter — Sun, 22 Jan 2006 01:42:25 +0000

Amen. While there will surely be short-term pain from this, in the long-term anything that makes people recognize the folly of credit card debt is a good thing.

I have a friend who considers the price of an item to be how much he has to spend each month to service the debt. If he wants a $500 TV, he figures it’s only $10/month, and he can afford that.

And as a result he’s still paying for that TV he bought 4 years ago, and got rid of last year before moving. Some people won’t behave reasonably until they’re scared into it.