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Old 12-17-2005, 10:18 AM
Mr.Kenny's Avatar
"Just Passin' Thru"
Join Date: Sep 2005
Location: Springfield,MO
Posts: 277
Credit card Min. payments to double.

I wonder with all the C.C. debt in this country; when on 1/1/06 doubling the min. required payment from the current 1%-2% of the balance to 4%, will break the backs of over extended Americans.
I see this as a good thing; Americans can actually get out of CC debt, if they stop whipping out the cards for their lattes'.

ME? I have absolutely no debt & no mortgage.(praise God)
I pay cash for everything, so this won't affect me.

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Old 12-17-2005, 10:20 AM
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Mr Kenny! Meet Mr Hankie!
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An alimentary canal with a big appetite at one end and
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- Ronald Reagan
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Old 12-17-2005, 11:57 AM
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Location: Sherman Oaks, CA
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It all depends on the person. I have a bit of CC Debt, but pay more than double the minimum payment, I actually try to pay as much as I can that is no less than double the minimum, and have only used the cards when absolutely necessary.

Within 6 months, I should have them paid off.

The thing about credit cards is that they are a good thing and a bad thing. it is good that you can use them if you really need to, but it is bad if you use them and only make the minimum payments. the minimum paymnet on most cards barely covers the finance charges...

If people only pay the minimum, they will end up taking like 20 years to pay it off.

Me, I take about a year to pay off the entire balance. Sure it means not having as much cash around, but I'd rather not have those bills looming over my head for too long. For me it is better to knock the balance down as much as I can when I can.

If it means not going out for a month to have made a $500 or $1000 payment on one card, then so be it. I'd rather not owe money for too long to them.

Unfortunately people use credit cards too often and don't pay them off.

When I first started, I simply used the credit card instead of cash and paid the blance every month. Then unexpected things happen, and I had to charge more than normal. but if you can get it under controla nd control your spending, then you can get out of it pretty quick.
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Old 12-17-2005, 06:55 PM
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won't effect me..............I never carry a balance and always pay them off in full when I get the bill. I always felt if I can't pay cash then I really don't need it unless its life threatening.
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Old 12-18-2005, 12:37 AM
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Originally Posted by Mr.Kenny
I see this as a good thing; Americans can actually get out of CC debt, if they stop whipping out the cards for their lattes'.
Of course, we should all hope that the US economy, which has been kept humming on the retail appetites of the Mastercard, Visa, Amex and Discovery card holders, is ready as well.
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Old 12-18-2005, 02:41 AM
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i pay as much as possible with my credit card; gas, sandwich, at the market, movies, whatever. i get a rebate at the end of the year.

i pay them $500 a month (way more than minimum, and about as much as i spend on it monthly!) sometime next year a get a rebate check for 2% of all my spending. free money for stuff i was going to buy anyway. cant beat it.
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Old 12-18-2005, 10:50 PM
1990 500SL
Join Date: Oct 2003
Location: Hawthorn Woods, IL. USA
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The goverment, and do as I say not as I do.

Maybe they should double the payment rate on the national debt.

Oh S**t they do, just in reverse

1990 500SL

I was always taught to respect my elders.
I don't have to respect too many people anymore.
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Old 12-19-2005, 05:35 PM
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Location: Las Vegas, NV
Posts: 686
I used to use a CC all the time because I don't feel comfortable carrying a lot of cash. Now with the debit card, I don't need a CC very often, in fact I haven't used my CC in over a year.

Love the debit card.
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Old 12-19-2005, 06:12 PM
Join Date: Apr 2005
Location: Golden, CO
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Originally Posted by boneheaddoctor
won't effect me..............I never carry a balance and always pay them off in full when I get the bill. I always felt if I can't pay cash then I really don't need it unless its life threatening.
Watch out you don't get cancelled. It's not all that rare for CC companies to do this - they don't want you if they don't make money off of you. If this happens, watch out what happens to your credit score. A card cancelled by the issuing bank is a black mark that you'll be explaining to future institutions with whom you might wish to open a line. You too can be a victim of your own fiscal responsibility.
"Diplomacy is the art of saying 'nice doggie' until you can find a rock."
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Old 12-19-2005, 07:07 PM
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Location: Reno/Sparks, NV
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They still make money off of you even if you pay your balance in full every month. Every time you make a purchase with a card, the issuing CC company gets a percentage of the purchase. I've been paying my balance in full every month for the last 5 years ever since I got the card and the CC company never threatened to cancel it, in fact they seem to value me as a customer.
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Last edited by DieselAddict; 12-19-2005 at 07:12 PM.
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Old 12-19-2005, 08:11 PM
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Join Date: Sep 2003
Location: New Jersey
Posts: 1,564
Credit Cards are my best friend.

I love my 2.99% w/ no Fee and Rate until paid off. I can't see the point of NOT having this kind of debt. Unsecured, and 2.99% until paid off. The only thing I like better is the 12 months @ 0% w/no fee... you flip from one to the other while you keep you money in an HSBC Account @4.25%.

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