I'm not sure what I think about this yet. So tell me your thoughts: Credit card companies, starting next month, will double their minimum payments. Ultimately it will be a help to the consumer because they will be paying less interest in the long run and pay off debt sooner. But in the short term consumers will have to pinch their pennies to make new higher payments.
So if you're "budgeting" around those payments you could be in for a rough ride. Especially if you hit Christmas hard or if you're maxed out. But sometimes medicine tastes terrible. What I mean is this: If you currently pay min on 10,000 it'll take about 20 years to pay off. Now it'll be 10. When it comes down to it you shouldn't be paying the minimums.
the one problem I have is that we, my lovely wife and I, didn't receive any notice that we can think of from the credit companies. And I'm not sure how this will play on top of the new bankruptcy laws.
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It is just another way to kill off what is left of the middle class.
The economic model that the evil doer Greenspawn has forced on the US has only been good for his rich friends. The model is not sustainable in the long run.
Russ
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