CC minimum payment increase...HOLY COW!

[DawnCt1]

I noticed the same thing. DS21 had extensive dental work done due to 7 congenitally missing teeth. I wrote a "convenience" check with 0% interest for 15 months and put the funds that I would have given to the dentist in a 7 month CD. I got a 3% discount because I paid what he thought was "cash". I got an additional 3% because I asked and then I am getting 4.33% on the CD. The minimum payment went from $.0.00 to $160 to $390. I am paying the minimum on it because its 0 percent interest after all and I have a year from this month to pay it off. I don't see a problem paying the minimums on a very minimal interest loan as long as you save the funds that you would have paid on the card someplace else.

 

[DawnCt1]

How exactly does somebody pay a bill on time if they don't pay the bill in full? You either pay the entire amount due or you don't.

I have no problem with the term deadbeats considering the majority of folks skipping out on credit card payments.

As long as they pay the amount required at the time that minimum payment is due, they are not dead beats. The credit card company LOVES them. They are making money by charging the interest rates that they do.

 

[sweet angel]

Why do I suspect this is going to get ugly?

 

[cardaway]

I hope you're not implying that those who make minimum payments on their credit card(s) are irresponsible deadbeats.

Not what I said. Making the minimum payment is paying the bill.

The OP posted her significant minimum payment increase and almost immediately the responses turned to "if you can't pay it off, then don't charge it." It's amazing how quickly the soapboxes can come out around here sometimes.

I didn't see anybody saying people that don't do this are doing anything wrong.

The true deadbeats could care less about payments rising. It's for the "good of the consumer" in the long run, but in the immediate future I'd wager that it's only going to hurt those trying to get out from under the debt burden that they incurred for whatever reason.

To not do something like this because of the criminals would be a mistake. The credit card companies will be better off because of this and that's a good thing

 

[luvmy2sams]

Not what I said. Making the minimum payment is paying the bill.

My apology for misunderstanding what you typed. When I originally read your post..

How exactly does somebody pay a bill on time if they don't pay the bill in full? You either pay the entire amount due or you don't

...I mistook "paying the entire amount due" for paying the full balance. I guess you meant simply paying the minimum.

To not do something like this because of the criminals would be a mistake. The credit card companies will be better off because of this and that's a good thing

Of course the credit card companies are going to be better off. Minimum payments double in some cases and individuals can't make that payment each month. Credit card companies jack up the interest rate, which increases the minimum payment due even further, and the individual still can't pay. Traditional bankruptcy is no longer an option for a lot of the people this is going to hit. Not that I'm a fan of bankruptcy at all. I think all debt incurred should be paid off by the person(s) who incurred it, not written off in court. I think credit cards are an evil necessity in this world, and I simply feel bad for those who are truly trying to get out of debt but will now be unable to do so.

 

[Feralpeg]

How exactly does somebody pay a bill on time if they don't pay the bill in full? You either pay the entire amount due or you don't.

I have no problem with the term deadbeats considering the majority of folks skipping out on credit card payments.

I'm pretty sure you knew what I meant. I meant that people who pay the minimum payment are not deadbeats. Not every one can pay the full balance.

 

[luvmy2sams]

I'm pretty sure you knew what I meant. I meant that people who pay the minimum payment are not deadbeats. Not every one can pay the full balance.

I knew what you meant, Ferlapeg. Thanks for making me realize I hadn't lost my mind when originally reading through this thread.

Off to pack for vacation....I'm out of this one......

 

[cardaway]

When I originally read your post.. ...I mistook "paying the entire amount due" for paying the full balance. I guess you meant simply paying the minimum.

Thanks. Yes, paying the amount due on the monthly bill.

While we are one of those families who does charge everything and pay it all off in the same period (Disney Dollars babeee ) , it wasn't always that way. We did however always pay the minimum. You would be surrpised how many don't, even at the previous lower minimums.

I think all debt incurred should be paid off by the person(s) who incurred it, not written off in court.

We agree on that part.

 

[Charade]

To repeat, there are a few that fall on hard times but the vast majority are people simply over spending and being irresponsible.

 

[cardaway]

I'm pretty sure you knew what I meant.

Don't go into the mind reading business anytime soon... you're no good at it.

 

[luvmy2sams]

Thanks. Yes, paying the amount due on the monthly bill.

While we are one of those families who does charge everything and pay it all off in the same period (Disney Dollars babeee ) , it wasn't always that way. We did however always pay the minimum. You would be surrpised how many don't, even at the previous lower minimums.

We agree on that part.

We actually agree on something....and even have the same philosophy regarding Disney Dollars. We do the same thing, and it's paying all our expenses for our trip in 2 days.

Now I'm really out of here to do some stealth packing....

 

[mcnuss]

To the people telling the people that if you can't pay at least 4% of your credit card debt plus interest each month, we shouldn't have a credit cards. We are spending over our incomes.

I hope you never, ever have to experience a lay off or any other circumstance that you have to use your card for an emergency. Try telling a Dr. or a dentist that you cannot pay your bill. Or better yet, you don't pay your heat bill on time this winter, they alone will take you to court and charge you 3 times the amount of your previous bill that you do owe.

So, when you are sitting in your nice warm home, looking at your healthy children, because you are able to take them to the Dr. when they are sick-just remember that some of us are looking for a job every day, and we might just have to use our credit card for the Dr. and dentist.

AMEN. I am privileged fortunate and blessed to be able to take care of my family's needs without borrowing, but I fully recognize that many people are one paycheck away - or less - from a disaster. What's sinful is that here in our rich country, we can't be bothered to create a real and meaningful safety net for our own neighbors and friends, so you have to use a 20% credit card to pay for heat and the dentist. We should be ashamed.

Let's not forget for one minute please that the number one or two cause of bankruptcy is medical bills. The new law hurts the people without health insurance the most - and will do NOTHING to change the behavior of the credit card skofflaws.

 

[we3disneygo]

I second that AMEN !!! to McDiser........ your not out there all alone.......

 

[Disney1fan2002]

AMEN. I am privileged fortunate and blessed to be able to take care of my family's needs without borrowing, but I fully recognize that many people are one paycheck away - or less - from a disaster. What's sinful is that here in our rich country, we can't be bothered to create a real and meaningful safety net for our own neighbors and friends, so you have to use a 20% credit card to pay for heat and the dentist. We should be ashamed.

Let's not forget for one minute please that the number one or two cause of bankruptcy is medical bills. The new law hurts the people without health insurance the most - and will do NOTHING to change the behavior of the credit card skofflaws.

What I don't understand, and I could be wrong, but I went YEARS without health insurance, so I am very familiar with medical bills....I always thought that medical bills can not go against your credit, unless it it actually goes to collection. As long as you were sending SOMETHING, even $10 a month, they could not send your account to collections.

I will never put a medical bill on my credit card. If I get a large co-payment, or deductible, I just send X amount a month until it is paid off.

 

[cardaway]

What's sinful is that here in our rich country, we can't be bothered to create a real and meaningful safety net for our own neighbors and friends, so you have to use a 20% credit card to pay for heat and the dentist. We should be ashamed.

Sinful? I don't think so.

 

[McDISer]

I second that AMEN !!! to McDiser........ your not out there all alone.......

Thanks, sometimes I have nitemares or I can't sleep at nite. My nitemares-being thrown in credit card prison. I think they used to do this in Jolly Old England, wasn't it call debtor's prison.

If someone truly cannot pay-just think, these places are going to have to open all over the place.

I also just heard to call the credit card company if you cannot make a payment. If you miss a payment like someone said, they jack the price of the credit card up. But if you are willing to work with them and call them right away, they will work something out with you, (probably up your interest rate anyway).

 

[Shelby5514]

I just got my Dec. credit card bill from a department store and was shocked. My normal monthly balance ranges between $50-100 of which I pay off every month. Usually the minimum payment is $20, the Dec. bill, higher only because of Christmas, is $236 and the minimum payment...$9.00!!! Yes NINE DOLLARS. I can't imagine only paying $9 a month!

 

[OhMari]

Sinful? I don't think so.

You used words in people's post to twist people's statements, I had a geometry teacher like you once, drove me absolutely nuts. And not the kind you eat.

 

[Pugdog007]

What's sinful is that here in our rich country, we can't be bothered to create a real and meaningful safety net for our own neighbors and friends, so you have to use a 20% credit card to pay for heat and the dentist. We should be ashamed.

Your kidding right? So it's my responsibilty to create a safety net for my friends & family? Gee if I'd known this, maybe I wouldn't have worked so hard to create my own safety net over the years. What happened to personal responsibility?

Let's not forget for one minute please that the number one or two cause of bankruptcy is medical bills. The new law hurts the people without health insurance the most - and will do NOTHING to change the behavior of the credit card skofflaws.

I'd be interested in seeing your supporting data for this statement. Until I see it from a reputable source, I will not believe it. Anyone I've known personally or heard about that has filed bankrupcy, has done so because they were in the habit of living beyond their means.

 

[Feralpeg]

Don't go into the mind reading business anytime soon... you're no good at it.

Nice. I may finally try out my ignore feature.