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credit card related

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PrincessP
Big sister!!!!!!!!!!

Member since 12/05

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credit card related

Did anyone hear anything about next months credit card statements being doubled? I overheard it on the television and wanted to watch this. I was wondering what kind of bigger hole I was going to be in next month if this happens.

Posted 1/6/06 11:24 AM
 
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LadyMaravilla
Fall Is Here

Member since 5/05

12023 total posts

Name:
Sonia

Re: credit card related

where did you hear this on the news? I don't watch the news Chat Icon

Posted 1/6/06 11:29 AM
 

DjPiLL

Member since 5/05

3664 total posts

Name:
Richard

Re: credit card related

Some law is being passed that will raise the minimum payment on all credit cards. It won't go up too much... but it will go up.

Thats a good thing... too many people are living beyond their means and piling up CC debt like its no tomorrow.

Do you know the average american household credit card debt is over 8k? Thats NUTS!

Thank god I eliminated all my CC debt back in 1999.

Posted 1/6/06 11:41 AM
 

LadyMaravilla
Fall Is Here

Member since 5/05

12023 total posts

Name:
Sonia

Re: credit card related

Posted by DjPiLL

Some law is being passed that will raise the minimum payment on all credit cards. It won't go up too much... but it will go up.

Thats a good thing... too many people are living beyond their means and piling up CC debt like its no tomorrow.

Do you know the average american household credit card debt is over 8k? Thats NUTS!

Thank god I eliminated all my CC debt back in 1999.




Hey, you MUST be talking about my BIL Champagne Tatse...Beer Money!!!! Chat Icon Chat Icon Chat Icon

Posted 1/6/06 11:44 AM
 

DjPiLL

Member since 5/05

3664 total posts

Name:
Richard

Re: credit card related

Posted by LadyLainez

Hey, you MUST be talking about my BIL Champagne Tatse...Beer Money!!!! Chat Icon Chat Icon Chat Icon




Anyone that has to buy beer on a CC seriously needs to see a specialist. Chat Icon

Posted 1/6/06 11:46 AM
 

LadyMaravilla
Fall Is Here

Member since 5/05

12023 total posts

Name:
Sonia

Re: credit card related

Posted by DjPiLL

Posted by LadyLainez

Hey, you MUST be talking about my BIL Champagne Tatse...Beer Money!!!! Chat Icon Chat Icon Chat Icon




Anyone that has to buy beer on a CC seriously needs to see a specialist. Chat Icon



Chat Icon Chat Icon Chat Icon Chat Icon

I buy liquor w/ my Bank Card...I never carry cash! Chat Icon

Posted 1/6/06 11:49 AM
 

CathyB

Member since 5/05

19403 total posts

Name:

Re: credit card related

Posted by DjPiLL

Some law is being passed that will raise the minimum payment on all credit cards. It won't go up too much... but it will go up.

Thats a good thing... too many people are living beyond their means and piling up CC debt like its no tomorrow.

Do you know the average american household credit card debt is over 8k? Thats NUTS!

Thank god I eliminated all my CC debt back in 1999.




In most cases the minimum payment is going to double each month, so that now half will go to interest and half to prinicpal. Up until now people who only pay the minimum are just paying off interest, not really touching the principal. The law is being passed to help Americans pay off the principal earlier so that they aren't in debt for so long, many people never are able to pay off their cc bills over their lifetime and leave their debt to their loved ones.

Posted 1/6/06 11:51 AM
 

LadyMaravilla
Fall Is Here

Member since 5/05

12023 total posts

Name:
Sonia

Re: credit card related

In most cases the minimum payment is going to double each month, so that now half will go to interest and half to prinicpal. Up until now people who only pay the minimum are just paying off interest, not really touching the principal. The law is being passed to help Americans pay off the principal earlier so that they aren't in debt for so long, many people never are able to pay off their cc bills over their lifetime and leave their debt to their loved ones.


I guess it's a good thing then IMO

Posted 1/6/06 11:54 AM
 

PrincessP
Big sister!!!!!!!!!!

Member since 12/05

17450 total posts

Name:

Re: credit card related

I understand the idea behind it BUT wont it put more people into bankruptcy? I mean lets say using your 8k idea...that payment doubled would put my household with mass problems. I think its going to be destructive to many peoples lives. I think they should limit amounts of credit cards then their will be less of a line to use and less debt.

Posted 1/6/06 11:55 AM
 

mommy2Alex
3 babies for me :)

Member since 5/05

6683 total posts

Name:

Re: credit card related

Posted by DjPiLL

Some law is being passed that will raise the minimum payment on all credit cards. It won't go up too much... but it will go up.

Thats a good thing... too many people are living beyond their means and piling up CC debt like its no tomorrow.

Do you know the average american household credit card debt is over 8k? Thats NUTS!

Thank god I eliminated all my CC debt back in 1999.




I hear ya! DH and I don't believe in cc debt. The only cc debt we have was from renovating the house. The only reason why we did that was because we got a 0% interest rate and figured we would do that rather than a HELOC.

Posted 1/6/06 11:55 AM
 

PrincessP
Big sister!!!!!!!!!!

Member since 12/05

17450 total posts

Name:

Re: credit card related

this doesnt include student loans, does it?

Posted 1/6/06 11:56 AM
 

mommy2Alex
3 babies for me :)

Member since 5/05

6683 total posts

Name:

Re: credit card related

Posted by PrincessP

I understand the idea behind it BUT wont it put more people into bankruptcy? .



I don't think so since bankruptcy laws have changed as well. It isn't as easy to file as it was in the past, which I think is a very good thing. Americans need to learn some self discipline and learn to wait for things they want. Our society has really gone to crap...JMO. Everyone wants bigger cars, bigger houses which equates bigger debts.

Posted 1/6/06 11:58 AM
 

Elbee
Zanzibar

Member since 5/05

10767 total posts

Name:
Me

Re: credit card related

DH & I watched a program about the history of CC's last week. It was amazing what is done to guarantee failure for so many people. This is a GOOD law to help curb America's debt habits. The next step is to control credit limits on people that need them.

Posted 1/6/06 11:58 AM
 

LadyMaravilla
Fall Is Here

Member since 5/05

12023 total posts

Name:
Sonia

Re: credit card related

Posted by PrincessP

I understand the idea behind it BUT wont it put more people into bankruptcy? I mean lets say using your 8k idea...that payment doubled would put my household with mass problems. I think its going to be destructive to many peoples lives. I think they should limit amounts of credit cards then their will be less of a line to use and less debt.



I guess it all dpends on what the min. payments would be on each particular card. Chat Icon

Posted 1/6/06 12:00 PM
 

PrincessP
Big sister!!!!!!!!!!

Member since 12/05

17450 total posts

Name:

Re: credit card related

Posted by mommy2Alex

Posted by PrincessP

I understand the idea behind it BUT wont it put more people into bankruptcy? .



I don't think so since bankruptcy laws have changed as well. It isn't as easy to file as it was in the past, which I think is a very good thing. Americans need to learn some self discipline and learn to wait for things they want. Our society has really gone to crap...JMO. Everyone wants bigger cars, bigger houses which equates bigger debts.



Maybe if they cant declare bankruptcy so easy, the other option is those credit counseling companies. I would hate to think that this is the future.

Posted 1/6/06 12:00 PM
 

LadyMaravilla
Fall Is Here

Member since 5/05

12023 total posts

Name:
Sonia

Re: credit card related

Posted by Elbee

DH & I watched a program about the history of CC's last week. It was amazing what is done to guarantee failure for so many people. This is a GOOD law to help curb America's debt habits. The next step is to control credit limits on people that need them.



I do agree. It's gotten so outta control

Posted 1/6/06 12:00 PM
 

metsgirlie
How did you get blue eyes?

Member since 11/05

3763 total posts

Name:
LC's Mommy

Re: credit card related

Posted by PrincessP

Did anyone hear anything about next months credit card statements being doubled? I overheard it on the television and wanted to watch this. I was wondering what kind of bigger hole I was going to be in next month if this happens.




If your interest rate is high you should see if you can transfer to a 0%apr card. Chase has one that is 0% for 1yr. I did that and hope to have the balance down way before the 1yr is up. It is also a cash back card.

Posted 1/6/06 12:01 PM
 

CathyB

Member since 5/05

19403 total posts

Name:

Re: credit card related

Posted by PrincessP

this doesnt include student loans, does it?



I don't believe so, just ccs.

But if you haven't consolidated your student loans yet you might look into that. It usually lowers your interest rate and your monthly payment. I consolidated a few years ago through Sallie Mae, my brother did last year through Chase. You can only consolidate your loans once so shop around for the best deal.

Posted 1/6/06 12:01 PM
 

PrincessP
Big sister!!!!!!!!!!

Member since 12/05

17450 total posts

Name:

Re: credit card related

Posted by metsgirlie

Posted by PrincessP

Did anyone hear anything about next months credit card statements being doubled? I overheard it on the television and wanted to watch this. I was wondering what kind of bigger hole I was going to be in next month if this happens.




If your interest rate is high you should see if you can transfer to a 0%apr card. Chase has one that is 0% for 1yr. I did that and hope to have the balance down way before the 1yr is up. It is also a cash back card.



Thats not a bad idea! I am gonna look into the 0% cards. I hope since they are recognizing this as a problem they up the age for credit card responsibility. By time I was 21, I had a 6,000 dollar availability. I was young and in college. I didnt use all 6,000 but I used enough to buy my books and party. I dont always think its the consumers fault. I think it lies on both sides of the issue.

Posted 1/6/06 12:04 PM
 

Elbee
Zanzibar

Member since 5/05

10767 total posts

Name:
Me

Re: credit card related

Posted by PrincessP

I understand the idea behind it BUT wont it put more people into bankruptcy? I mean lets say using your 8k idea...that payment doubled would put my household with mass problems. I think its going to be destructive to many peoples lives. I think they should limit amounts of credit cards then their will be less of a line to use and less debt.




Honestly what the CC companies do is say you have $5k in debt, they say you only have to pay 10% of the balance as the minimum - which gives people false security in their Debt. It's something like 15+ years to pay off that $5k ... and $5k is nothing compared to what many people have! Chat Icon

Posted 1/6/06 12:06 PM
 

Elbee
Zanzibar

Member since 5/05

10767 total posts

Name:
Me

Re: credit card related

Posted by PrincessP
Thats not a bad idea! I am gonna look into the 0% cards. I hope since they are recognizing this as a problem they up the age for credit card responsibility. By time I was 21, I had a 6,000 dollar availability. I was young and in college. I didnt use all 6,000 but I used enough to buy my books and party. I dont always think its the consumers fault. I think it lies on both sides of the issue.



I did this the year before I got married, I paid down any debt I had in less than 9 months.
I think Walmart Mastercard has it for 0%, 9 months on transfer balances.

Posted 1/6/06 12:07 PM
 

PrincessP
Big sister!!!!!!!!!!

Member since 12/05

17450 total posts

Name:

Re: credit card related

Just wondering is the 8k someone had mentioned a family average or per person?

Posted 1/6/06 12:12 PM
 

LadyMaravilla
Fall Is Here

Member since 5/05

12023 total posts

Name:
Sonia

Re: credit card related

P, I would def. look into the 0% balance trnafer thin. My prents have a CC that they use only for repaiors on the house or big expenses and when they get offers, the do transfer to 0% finance cards. Just be careful since some do have a tranfer charge, but some don't. It does help. They try to pay off the debt as fat as they can since on a let's say $12k debt at a fincnace charge of 12% they save alot of money.

Posted 1/6/06 12:18 PM
 

Elbee
Zanzibar

Member since 5/05

10767 total posts

Name:
Me

Re: credit card related

Posted by PrincessP

Just wondering is the 8k someone had mentioned a family average or per person?




This article actually disputes the CC Debt statics...

Article from MSN

Posted 1/6/06 12:18 PM
 

LAMGAJ28
.

Member since 10/05

6039 total posts

Name:

Re: credit card related

Posted by mommy2Alex

Posted by PrincessP

I understand the idea behind it BUT wont it put more people into bankruptcy? .



I don't think so since bankruptcy laws have changed as well. It isn't as easy to file as it was in the past, which I think is a very good thing. Americans need to learn some self discipline and learn to wait for things they want. Our society has really gone to crap...JMO. Everyone wants bigger cars, bigger houses which equates bigger debts.



The thought and feel of "instant gratification"......that's why a lot of people get into debts that they later cannot pay.
I refuse to give credit card companies my money. I have better ways to spend it. Chat IconMy husband and I believe the same way and we do not have any credit card debt. We use them but pay the whole balance at the end of the month when we get the bill. We used mostly our American Express card.

Posted 1/6/06 12:20 PM
 
Pages: [1] 2
 

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