.


Is this affecting anyone?

They bumped the amount we pay per month by 1% to allow consumers to pay the debt more quickly.

This drives up the minimum payments obviously.

Anyone noticing the change?




Dook is an ass edit.
[Edited 11/7/05 13:38pm]

I actually only have one credit card and keep the balance at zero as much as I can. I like not being in debt, although I wouldn't mind having a house.

jerseykrs said:

You're not very American.

Imago777 said:

Republican Propaganda!!!!!

I've only ever used my credit card twice.

I don't like the way the bank bumped up the ATM charge for overseas withdrawals though. Every time I take money out I lose enough bahts to buy dinner for the wife and I.

this almost pushed me into a nervous breakdown. I know in the end all it will help me get out of debt faster and it's a VERY good thing, but it still is gonna be quite an adjustment for me to deal with....

I paid my 6 credit cards off because of this very reason. On some cards like my old VISA the minimum payment would actually DOUBLE even if you are a good, on-time paying customer like myself!!!

Don't forget that with NEW BANKRUPCTY LAWS also make it impossible to erase bad debt because you will be required to make payments for 3-5years and you have to attend mandatory credit counseling classes which you will now have to pay for yourself.

Hi Rachel!---If anyone on this website needs a home loan I have a special program for you.We also do home mortgage refinancing and this is a great way to pay off or pay down credit card debt. I am a mortgage broker that does home loans all over the USA. Please feel free to call me at 952-829-9410 and I will pre-qualify you for a home loan. It's easy and its free. Thanks! Brian, MinneapolisFunk!---If anyone refers me to someone that is buying a home or refinancing their home loan I will give you a cash reward if the loan funds. All you have to do is tell them you know a guy who will beat anyones interest rate and its worth talking to him.

jerseykrs said:

very smart.....

amorbella said:

I dont know how much houses run in your area, but in cali, damn, its just too damn expensive....

amorbella said:

They have jumped in price beyond belief here. The house I bought with my ex wife in 97-98 was 53K, it's now worth 135K at the minimum. New construction is even worse.....

jerseykrs said:

average house is 600,000 here

amorbella said:

OMG!! You should move to florida.

jerseykrs said:

NEVER!! I love Cali.....

I was completely debt free until I moved in to my house. I put some furniture and appliances on credit. I plan to pay everything off before the interest begins.

I already went through the problems of making monthly credit card payments. It's nice to have only a house payment and the bills that go along with that.

What the hell is a credit "cared"?

ReturnOfDOOK said:

They care enough to charge you more.

Imago777 said:

Notreally, i paid off all my debt?!!!!

jerseykrs said:

Pffft. That's still really cheap.

Come out to the Bay Area, you can get a total piece of shit condo in a really bad area for about $500,000. Cool, huh?

jerseykrs said:

I also have only 1 credit card and it is almost always at a balance of zero. I do not like owing anybody money and I love the feeling of freedom that it brings me. I know someday I will have a house and then I will owe alot.

Imago777 said:

I heard this was supposed to happen, but my bills all seem the same. My balances are kind of high right now, but I'm hoping to pay them off before the end of the year.

Imago777 said:

Yes. I've gotten inserts in at least two of my bills notifying me of a corresponding change in the terms of the cardholder agreement. I think it's interesting that: 1) this has gotten surprisingly little media coverage; and 2) it's happening right after the new bankruptcy bill took effect, and people are going to have a harder time discharging these debts via a Chapter 7 (liquidation) bankruptcy.

To some extent, it's probably a good thing. For example, the old MBNA minimum payment was: 1) fees plus finance charges plus $15; or 2) 2.25% of the balance, whichever is less. So at best, you'll usually pay down only $15 of principal per month if you pay only the minimum.

I think the credit limit on my MBNA card is $30,000. If that card were maxed out and I were paying just the minimum, it would take something like 167 years (!) to pay it off under the old formula.

And, it's wacky timing, too: The changes happen around the holiday shopping season. The American consumer is about to be squeezed like never before, if we don't practice wisdom concerning our finances.

Of course, if we show even moderation during that shopping season, we threaten to push our economy into recession.

I think big business really is showing how dependent it is upon our respective debts.

matt said:

Gosh, I gotta go to law school... They don't hand that card out to us lowly journalists, lemme tell ya... Must be nice, Matt!!!

[Snip. Account deleted. -- Matt]

ThreadBare said:

Actually, it has nothing to do with my occupation or income. It's pure irresponsibility on the part of MBNA. They first issued me a card with a $1,000 credit limit back when I was in college, nine years ago. Since then, they've kept raising the limit for no apparent reason other than my always paying the bill on time. I don't recall them ever verifying (or even asking) about my occupation and income, except on the initial application.

Come to think of it, I believe they gave me the bump to $30K when I was between jobs, and my only source of income was participating in a clinical research study.

I don't carry balances over... unless Versace forces me to charge.

jerseykrs said:

Have you realized how many times you fall off your chair every day? I'd be black and blue all over if I were you.

Go sit on the floor like the Japanese instead.

matt said:

My first year at college, I was using my credit card for everything and just paying it off right away from my savings account (debit cards weren't around much back then), and my credit limit on that card shot from $500 to $7000 in like one year, and I was only 18. I think it was FirstUSA or someone like that.

What the hell is a credit "cared"?

You fixed the typo after the thread died. Well done.