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LowBuckX
06-29-2009, 11:01 PM
Did anyone notice their minimum payment went up? Mine tripled. That means I no longer have the choice of the smaller payment if I am low one month..... And this is a New federal Law........ Thanks :machine:




Change to Minimum Payment Calculations
You may have noticed a recent change in the minimum payment requirement on your account. This change is part of new regulatory guidelines that affect most credit card issuers and is designed to help consumers pay down their credit card balances faster.

In the past, your minimum payment was a fixed percentage of your statement balance.Your new minimum payment is calculated at the greater of 2% of your statement balance OR 1% of your statement balance, plus billed interest charges and any billed late or over-limit fees.*


This calculation ensures that you pay down your principal balance by at least 1% each month and therefore enables you to pay off your principal balance faster.

While this new minimum payment requirement will help many consumers pay down their credit card balances, we recognize that higher minimum payments may create a hardship for some people. If this change creates a hardship for you, we have several options available to assist you. Please call the toll-free number on the back of your card and an advisor will be happy to answer your questions and explain options to address your specific situation.
gkring
06-30-2009, 12:06 PM
Did anyone notice their minimum payment went up? Mine tripled. That means I no longer have the choice of the smaller payment if I am low one month..... And this is a New federal Law........ Thanks :machine:


I am anti government mandates, but it looks like the new law is meant to make people pay at least 1% of the principle every month instead of just covering the interest. Probably not a bad idea, credit cards and high interest are a bad deal.
Damn True
06-30-2009, 12:19 PM
Pay cash.
John McIntire
06-30-2009, 12:21 PM
Pay cash.

Or don't buy it at all
dadto2jays
06-30-2009, 12:27 PM
or use American Express!!!!:smoke:
67 455 Bird ragtop
06-30-2009, 12:30 PM
This was voted in a while back when the Bush adminstration changed the bankruptcy laws. It has taken some companies a little longer to change their payment policies than others. Mine changed a long time ago. Which is why I'm trying to get rid of every credit card I own except mayb e my Am Ex since that must be paid off each month.

The idea was to "force" people to pay down their debt faster. But in some cases it tripled minimun payments and cause some people to not be able to pay the minimum payments.
XLexusTech
06-30-2009, 12:39 PM
or don't buy it at all]

x2
SatisTraction
06-30-2009, 03:49 PM
no CC debt here. that is bad news.
dropit69
06-30-2009, 04:10 PM
yep i use mine but pay it off in full each month..i use it for gas so i dont have to go inside..and get cash back on my card to use it so its a win win..just dont keep a balance on them..
bigvegan
06-30-2009, 04:56 PM
"yep i use mine but pay it off in full each month"

Amen. This is even better if you have a cash rewards card. I get a small check from Citibank every few months for using their card.
Kenova
06-30-2009, 05:27 PM
yep i use mine but pay it off in full each month..
Ditto. It's the only way to go.
If I'm not able to pay it off, then I put the purchase off untill I can.

Ken
6'9"Witha69
06-30-2009, 07:27 PM
We use our GM card for all household purchases and then pay it off monthly. Works well.
bigvegan
06-30-2009, 07:29 PM
"We use our GM card for all household purchases and then pay it off monthly. Works well."

Please tell me the rebates are going to be good on purchases from the "new" GM?
LowBuckX
06-30-2009, 09:41 PM
I have one card and its getting payed off and stored for emergencies... I use my debit card for online purchaces now not like before.

I always pay more than minimum my beef is I will be on FMLA for a surgery next 2 billing cycles and my old minimum was doable.... Not sure now.
BonzoHansen
07-01-2009, 05:51 AM
"We use our GM card for all household purchases and then pay it off monthly. Works well."

Please tell me the rebates are going to be good on purchases from the "new" GM?

The letter I just got from GM says yes.
Damn True
07-01-2009, 07:27 AM
I have one card and its getting payed off and stored for emergencies... I use my debit card for online purchaces now not like before.

I always pay more than minimum my beef is I will be on FMLA for a surgery next 2 billing cycles and my old minimum was doable.... Not sure now.

You should use your CC periodically to maintain your credit rating. Just save up the cash. Make your purchase with the CC, then wait 10 or so days for the transaction to post and send a payment via your online banking.

The credit reporting agencies will see this as use of revolving credit which is good for your credit score.

Takes a bit of discipline though.
mikedc
07-02-2009, 01:49 PM
The govt could just as easily have reinstalled some brakes on the interest rates & hikes that the industry is allowed to do, instead of demanding the 1% payments. It would be a case of the govt intervening on free market and regulating the industry either way.

But one way helps the consumers, the other way helps the credit card companies.