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.

Mr Kenny! Meet Mr Hankie!

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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'92 300CE - Sold
2004 C240 - 744 - C7 Wheels - Android Radio
2002 C320 - 816 - Sport Wagon

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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Proud owner of ....
1971 280SE W108
1979 300SD W116
1983 300D W123
1975 Ironhead Sportster chopper
1987 GMC 3/4 ton 4X4 Diesel
1989 Honda Civic (Heavily modified)
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Section 609 MVAC Certified
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"He who fights with monsters might take care lest he thereby become a monster. And if you gaze for long into an abyss, the abyss gazes also into you." - Friedrich Nietzsche

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.

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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'O=00=O'
bmw 2002.
long live the legend

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

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KLK, MCSE

1990 500SL

I was always taught to respect my elders.
I don't have to respect too many people anymore.

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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DS
2010 CL550 - Heaven help me but it's beautiful
87 300D a labor of love
11 GLK 350 So far, so good
08 E350 4matic, Love it.
99 E320 too rusted, sold
87 260E Donated to Newgate School
www.Newgateschool.org - check it out.
12 Ford Escape, sold, forgotten
87 300D, sold, what a mistake
06 Passat 2.0T, PITA, sold

Las Vegas NV

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.

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"Diplomacy is the art of saying 'nice doggie' until you can find a rock."

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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2004 VW Jetta TDI (manual)

Past MB's: '96 E300D, '83 240D, '82 300D, '87 300D, '87 420SEL

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%.