They are suppose to be slamming people with higher credit card payments. I can see they bankruptsies now.

The average American has 7 credit cards with a $9,000 debt per card.
This is what I heard on the news last nite. IF it's true, I'm not doing to bad

How about you, will it have an affect on you financially? Anybody see any change yet in your bills/payments?

I'm in deep....

The new laws are actually designed to help people. From my understanding, it makes you pay for fees and such that may accrue each month as people who only make minimum payments are often seeing their balances grow with no new purchases, as they never pay on the principal, just bits of the interest and/or late fees, etc..
But it will be an adjustment period for folks who have budgeted to only make the minimum payment. They could jump substantially.

not for long!! i'm paying off my two credit cards (then canceling and shredding them!) as soon as i get my tax return!!

i tell ya, those W2s can't come fast enough for me!!

TheCatWoman said:

7 credit cards with a $9,000 debt per card! I'm so glad I'm not an average American.

CarrieMpls said:

True! It's designed that you pay more now, but also save more in the long run .

nope ... i always over pay by 3 payments per month

2 cards left with under $3,500 ( total )

when i pay them off i am buying my man a harley

i have only one CC and after i make this month's payment i'll be paid up. i think that's the best way to avoid the higer rates...

pardonme4livin said:

ditto

not a single one here



but i would be so in deep if i had one

Last year I paid off all my Credit Cards and Canceled them all execpt one. Credit card debt is the worst money pit out there today.

What Pisses Me Off is "Capital One". They have that whole advertisment campaign about other credit card companies.

Capital One was the second Worst creait card I ever had for raising APR and such fees for NO REASON AT ALL.

It's good to pay off your credit card debt but don't cancel all the cards. Keep some open. That helps your credit score.

I was completely debt free until I bought a house. I used the 24 month interest free options to buy the appliances. I am on schedule to pay that off within that time.

MickG said:

Capital One is more for those who are trying establish credit or RE-establish after going bankrupt. Same with Providian. These are two banks I would never bank with.

I like MBNA and Citibank. If your in good with MBNA they will do just about anything, bend a bit just to keep from losing you. Citibank has good interest rates, only thing, they are hard bank to get with. You have to have flawless credit... Bank of America is okay, but not one of my favorites.

Knee deep in debt which includes my mortgage, CC bills, cable and living expenses. I am sick of it and trying my best to get out of it.

I would'nt include my mortgage as a dept. After all, it's a plus for tax right off and also, if and when you sell your house you basically pay off that "dept" mortgage. I see it as an investment

good point, I'd be fine if that was the only debt I had. I do enjoy those nice tax returns.

Credit card free!

UncleGrandpa said:

Also a good tax deferred, life insurance policy comes in handy and it's a good security. No matter how much dept I may have, I feel secure knowing if and when something happens to me, my depts will be paid and also the interest you earn off of the payments comes in handy for a small vacation or whatever The payments are high but it basically goes into a savings and you get almost half back from that interest I mentioned.

Muse2NOPharaoh said:

TheCatWoman said:

Being credit card free is only cool if you have credit and at that, you should still have One good credit card.

MickG said:

haha, I will ALWAYs have my credit cards. I can't live without them . I don't know what it's like to live without one

Nah, got the FUCK out of credit card debt a few years ago. Got one card w/ less than $500 on it (for emergencies only) If I don't have the cash for it, I can't fucking have it




.
[Edited 1/7/06 3:55am]

i only have one credit card and i just paid off the whole thing last week. it's only a $1000 so it's always tight.

MickG said:

I have 3 but pay them off every month... so don't pay any interest

MickG said:

I had that same experience with them I paid them off with a quickness.


phuckers

Ocean said:

Show off...

butterfli25 said:

YES, they are officially the devil