Way Off Topic but if you don't know about this, you should.
Hope I didn't ruin your holiday to much.
But get ready for them first of the new year CC bills.
Credit Card Minimum Payments Increase
Dec 22, 2005, 05:04 AM
TOLEDO -- If you're one of those consumers that spends big on credit
cards only to make the minimum payment, you could be in for some
financial headaches. Many companies have hiked the minimum rate so you
could end up paying double what you might expect.
Last minute shoppers are burning up the charge cards, running up big
bills to complete their Christmas shopping. Folks who just plan on
paying the minimum to get by could be in for a shock.
The government has ordered credit card companies to up the minimum
charge. It's an effort to help people pay down their debt by putting
more money towards the total bill. A great idea in theory, but some
consumers might get in over their head.
The old rate was 2% for every billing period. Now it's up to 4%,
literally doubling the amount some people are used to paying. So instead
of paying $40 on a $2,000 bill, you'll now pay $80. The higher the bill,
the deeper the hole you'll dig.
Their are some options. The easiest way to avoid trouble is to never
charge more than you can afford to pay in full once the bill shows up.
However, if you do have to keep a balance from month to month, you might
want to try to negotiate a lower interest rate. The smaller the number,
the less you'll have to pay overall.
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