PSA: Credit Card Minimum Payments About to DOUBLE

[Hossenfeffer]

Originally posted by: Murpheeee
In saying all that, lets assume you are in a bind.

You have a lot of CC debt and are just making minumum payments for those cards.
They know they have to pay $xx per month.....to double that with no warning seems incredibly unfair.

Its like a bank renegotiating your mortage or car loan without your consent, suddenly you have to come up with twice the amount every month.

Unfair or no, it's gonna suck, given that I've been able to keep afloat paying minimums on most and putting any extra money toward eliminating the account with the smallest balance (or most ungodly interest rate).

Probably a good thing in the long run but, in my case, it's gonna hurt for awhile. The minimums currently run $800-900 month and I'm effectively paycheck to paycheck. Insult to injury as other elements of my life are falling apart. I'll keep looking for the character it's gonna build and hope they ramp up the change rather than everybody jump on the double-dutch bandwagon right away

 

[Homerboy]

same boat Hossenfeffer. Mines ~$500 and we have my kids school payment starting in August. Plus we still have ~$2K in outstanding medical bills from surgeries.

They have all the right to do it, but its going to suck rocks. A little more warning would have been nice I guess. So I could cry longer

 

[Mill]

Originally posted by: SouthPaW1227

You are full of BS... you can make more money than they charge by turning it around and putting it in a CD or savings account


PLUS , you fvcktard, have you thought that if they are UP TO THEIR EARS in debt, they might have an IMPOSSIBLe time in getting approved for a low interest loan from a bank who looks at their CC balances and credit score as a liabilty

No, I'm not. It's called a "credit union" and you should find a way to become affiliated with one.

And if you've already ruined your credit, you're screwed anyway. There's no escaping it hardly once it starts, which is why I'm saying it's idiotic to even START charging so much that you're forced to pay minimums on 10% interest rates. You'll probably never recover if you live that lifestyle.

BULLSH!T. There is no such thing as below prime non-collateralized loans. Why would a bank do that? At best they might have an intro below prime rate for 3-6 months, but it would be a secured loan -- credit union or not.

 

[Jadow]

I have a 0% BT for $5000 and a 1.99 % BT for like 4000, I pay the minimum on both. This is gonna suck, but I'll manage.

-- Even though for me personally I with it'd stay at 2%, I think it's better for society as a whole the higher the better.

 

[Homerboy]

Little update on this whole OP thing:

Friend just happened to call the CC and find out WTF the deal is (duh... good thinking!) Seems that they are only planning on doing it to to defaulted custumers and those customers will get letters about the increase. Now don't take that as gospel truth just a rumor 3rd party now...

 

[brian_riendeau]

What a freaking joke. Going from reading this thread, about 98% of the posters on ATOT have no consumer debt along with pristine credit.

Along they same lines, 97% of ATOT thinks every girl over 125 pounds is a fatty, and they all bone supermodels nightly...

Last year I bought a house, everything was going peachy, we had barely any consumer debt. Then, new house costs started piling up, but it was nothing bad. Then we had a baby, wife had some dental problems, and we got slammed with about $10K in medical and dental bills (after insurance) and the hospitals would not work with us for payments. All of that $10K ended up on a credit card, along with what we had in debt before. Then add in some vehicle repairs that came out of nowhere, wife had to unexpectedly switch jobs because of the baby, and we are over $15K in debt on credit cards.

For all the whiners who bitch at everyone in debt, not everyone lives in your perfect cookie cutter world. For anyone who can buy a new house, endure $10K+ in medical bills, have a new baby, and have a car fall apart while being able to sling around enough money to make all that go perfectly, I salute you.

 

[CrimsonChaos]

Originally posted by: Murpheeee
In saying all that, lets assume you are in a bind.

You have a lot of CC debt and are just making minumum payments for those cards.
They know they have to pay $xx per month.....to double that with no warning seems incredibly unfair.

Its like a bank renegotiating your mortage or car loan without your consent, suddenly you have to come up with twice the amount every month.

As pointed out in this thread, minimum payments on credit cards are currently obscenely low. They are designed so that you're basically just paying mostly the cost of interest/fees. Ten more presidents could be elected by the time you actually pay it off.

Previously, I felt it was very deceitful of credit card companies to employ these strategies in setting their minimum payments, without outlining the consequences of making these payments to unsuspecting consumers. But today, there have been enough "consumer alerts" published warning people of the pitfalls of minimum payments, that I feel if you've only been paying this amount, you're being fiscally irresponsible anyway.

Like I said before, I know there are some rare instances where someone accumulated debt due to circumstances completely beyond their control, and to that small percentage I sympathize. But the majority of people in a financial bind simply cannot manage their money, and the increased minimum payments will only help them in the long run.

 

[IronWing]

Originally posted by: brian_riendeau
What a freaking joke. Going from reading this thread, about 98% of the posters on ATOT have no consumer debt along with pristine credit.

True. Many of us don't have any consumer debt and have pristine credit.

Along they same lines, 97% of ATOT thinks every girl over 125 pounds is a fatty, and they all bone supermodels nightly...

Not true, and has nothing to do with the discussion.

Last year I bought a house, everything was going peachy, we had barely any consumer debt. Then, new house costs started piling up, but it was nothing bad. Then we had a baby, wife had some dental problems, and we got slammed with about $10K in medical and dental bills (after insurance) and the hospitals would not work with us for payments. All of that $10K ended up on a credit card, along with what we had in debt before. Then add in some vehicle repairs that came out of nowhere, wife had to unexpectedly switch jobs because of the baby, and we are over $15K in debt on credit cards.

Why are you here whining about the decisions you made? Did you think babies come for free? Maybe I should start a thread discussing all the ways folks without kids are subsidizing your decision.

For all the whiners who bitch at everyone in debt, not everyone lives in your perfect cookie cutter world. For anyone who can buy a new house, endure $10K+ in medical bills, have a new baby, and have a car fall apart while being able to sling around enough money to make all that go perfectly, I salute you.

You made your decisions, you have a house, a kid, a car, quit sniveling.