Quote:
|
Originally Posted by CDeutsch
I don't mean to overshadow the screw job on gas prices, but that bankruptcy law couldn't come at a worse time with the huricanes, war, gas prices etc. It'd be nice if the govenment could start helping people help themselves instead of waiting for them to have nothing and then trying to support them. But they're too busy helping the rich get richer.
|
The government is forcing the hand of CC companies to raise the minimum amount due each month. Most companies are raising it from 2% to 4%. It might sound bad, but it will help people get rid of thier CC debt faster, and maybe, hopefully, make them think twice about racking up all that debt. They have also talked about putting a warning/notice on everyones statement. Think of it as kind of a surgeon generals warning on a pack of cigarettes. It just tells the consumer that if they only make the minimum payments, that it will take them xx months, and they will pay $xxx.xx in interest.
If you really want to stick it to the CC companies, pay off all your CC debt, and use a rewards card, to get freebies from the company. Just make sure you pay it off every month. I currently have about $4,000 on a CC at 0% interest until June. I could pay it off pretty quick if I wanted to, but I'd rather borrow the money for free, and use my savings to make money instead.
One last thing. Bankruptcy is not a "Tip" for getting out of debt. It's just a way to pass your own debt onto other consumers who actually pay thier bills.