Very funny credit card statement!!

[eliza61]

So with the new credit card regulations, credit card companies have changed the format of their bills. Now along with the minimum payment info, below it you will see a line that tells you how long it will take to pay off the bill if you only make the minimum payment and how long it will take if you pay a bit more.

I brought a new fridge last month using Sears no interest for 90 days deal.
Fridge ran me ~2000 dollars. If I only pay the min. payment of $31.00 bucks it will take me, 1,596 years to pay it off!!

Yes fellow budgeters I will be a hot babe of only 1,646 years young!! I wonder what type of wrinkle creme I should start using to ward off those wrinkles.

Oh forgot to mention, I would have paid $277,874 bucks for that fridge.


Happy Easter to All.

 

[braylan]

 

[daughtersrus]

So with the new credit card regulations, credit card companies have changed the format of their bills. Now along with the minimum payment info, below it you will see a line that tells you how long it will take to pay off the bill if you only make the minimum payment and how long it will take if you pay a bit more.

I brought a new fridge last month using Sears no interest for 90 days deal.
Fridge ran me ~2000 dollars. If I only pay the min. payment of $31.00 bucks it will take me, 1,596 years to pay it off!!

Yes fellow budgeters I will be a hot babe of only 1,646 years young!! I wonder what type of wrinkle creme I should start using to ward off those wrinkles.

Oh forgot to mention, I would have paid $277,874 bucks for that fridge.


Happy Easter to All.

There has got to be a misprint. The figures just don't add up. Even at 19%, it would be 290 months

 

[eliza61]

There has got to be a misprint. The figures just don't add up. Even at 19%, it would be 290 months

Can't make this stuff up. Here's the cut and past from the ebill.

Statement Balance $2,073.37
Minimum Payment Due $31.66
Payment Due Date 4/13/2010

Late Payment Warning: If we do not receive your minimum payment by the
date listed above, you may have to pay a $39.95 late fee and your APRs may
be increased to the Penalty APR of up to 30.24%.

Minimum Payment Warning: If you make only the minimum payment each
period, you will pay more in interest and it will take you longer to pay off
your balance.
For example:
If you make no additional
charges using this card and
each month you pay…
You will pay off the
balance shown on this
statement in about…
And you will end up
paying an estimated total
of…
Only the minimum payment 1596 years $277,874.00
$76.00 3 years $2,736.00
(Savings = $275,138.00)
If you would like information about credit counseling services please call 1-800-570-1403.

 

[Muushka]

Morning E

Yeah, that time of 1596 years does not sound right. Sounds like their software developer put a bad number in for the calculations.

On the up side, I think the concept is an excellent one. Today so many people just look at their debt as "well it's only $45 a month" or whatever the debt is. And they have no idea what the actual cost will be if they don't pay it off and have to pay all that interest. Amortization is your friend!

 

[AmongMadPeople]

Whether or not it was a miscalculation, it's pretty funny!

We have lowered our CC balance by 6000 dollars since last September, but even with our new lower balance, it would take 24 years to pay it off with only the minimum payment. With our highest balance, it might have taken us over 1,000 years!

 

[SandrA9810]

I really like the new format. It's shows just what an extra 10-20 bucks can really do for the balance.

Now is that fridge big enough to live in when you get done paying it off at the end of that 1,000 years?

 

[DISdreamin']

Now is that fridge big enough to live in when you get done paying it off at the end of that 1,000 years?

Well, it IS bigger than a coffin, right?

 

[aclov]

I noticed that on my recent cc statement. Definately alot of detail!

 

[dd50]

but it does help some that only pay the minimum to see that they should pay more even though they don't have to. I for one don't like to pay interest so I pay in full. If I can't I don't make the purchase until I can.

 

[marlynnp]

I think the program missed a decimal point, lol. It probably should be 16 years (or 15.96).

I have nearly the same scenario except it's Best Buy and my balance of $1,044 with a min. pmt of $18 will take 16 years to pay off for a total of $3,188.

 

[bumbershoot]

On the up side, I think the concept is an excellent one. Today so many people just look at their debt as "well it's only $45 a month" or whatever the debt is. And they have no idea what the actual cost will be if they don't pay it off and have to pay all that interest. Amortization is your friend!

I like it too. If they'd had that info right there in my face when I was 17/18, in college, getting 3 CCs inside of a year, I might have thought twice about it all....

 

[2Tiggies]

Well, it IS bigger than a coffin, right?

Don't worry, even if it isn't they say you shrink when you get older .....

 

[mlittig]

Thanks for the chuckle

 

[englishrose47]

I too like the new CC statements , makes it so much clearer to add a few dollars and pay it off quicker !!I'm sure the cc companies hate it !!! One thing that amused me !! Was when I realised I did not have 7 days before the due date and called to pay over the phone and told them I didn't want to take the risk .I also mentioned that my bills were late and I was not getting the new required time to pay .. Guess what they said "Sorry we have no control on the Mail" So I asked if I could say the same thing Guess what NO!!!

 

[battricia]

this reminds me of a month ago when i was searching for cruises. i was looking at the oasis of the seas, the inside staterooms. the pages go from top to bottom, top being the better, more expensive rooms, to the bottom being cheaper rooms. I was scrolling through not surprised at all by the prices (pretty reasonable considering), when I got to the very bottom one. The lowest class of room, came to:

1st or 2nd Guest with Air
*$100,717.00 USD
Stateroom Total with Air
*$201,434.00 USD


obviously there was some sort of computer glitch.

 

[dd50]

I too like the new CC statements , makes it so much clearer to add a few dollars and pay it off quicker !!I'm sure the cc companies hate it !!! One thing that amused me !! Was when I realised I did not have 7 days before the due date and called to pay over the phone and told them I didn't want to take the risk .I also mentioned that my bills were late and I was not getting the new required time to pay .. Guess what they said "Sorry we have no control on the Mail" So I asked if I could say the same thing Guess what NO!!!

I always pay mine online because years ago for some odd reason it took about 10 days to be processed. Mine charges a fee for over the phone payments.

 

[SandrA9810]

I love the bank's online payment feature. It takes a total of three days to go through, and it's processed by the CC on the third day. Weekends are the only problem.

You would think since it all goes through computers these days that the computers could work past M-F 9-5pm....

 

[Muushka]

I too like the new CC statements , makes it so much clearer to add a few dollars and pay it off quicker !!I'm sure the cc companies hate it !!! One thing that amused me !! Was when I realised I did not have 7 days before the due date and called to pay over the phone and told them I didn't want to take the risk .I also mentioned that my bills were late and I was not getting the new required time to pay .. Guess what they said "Sorry we have no control on the Mail" So I asked if I could say the same thing Guess what NO!!!

We had that problem and they changed the billing date for us. Maybe try another rep, one with a little more common sense!

 

[englishrose47]

We had that problem and they changed the billing date for us. Maybe try another rep, one with a little more common sense!

Oh I paid over the phone !! My statement was late reaching me and there attitude was NOT their fault if mail was delayed But my fault if mine to them was !! They were nice but Ithink the CC act should include postmarked by !!!!