Posted on 12/27/2005 7:13:51 AM PST by No Blue States
What an amazing substitute for self discipline!
There will be lots of people, that have budgeted for their current payments, that will end up defaulting, then their interest rates will go up......this is a revenue generator for the credit card companies.
Get ready for all replies about how Credit Card is paid off in full each and every month...
Your minimums should double.
Most minimums are set so that the principal can never be paid off.
Rule: NEVER pay minimum.
Rule 2: Pay off the card every month. It is a debt, not a friendly convenience center.
Yeah I worry about that in my case.
Im about to have to pay the fiddler for my moronic lack of financial self discipline. defaulting wont be an option, Im going to have to cut some corners.
LOL I know, I almost asked in the begging that those wise and financially secure not gloat too much.
Oh No ... 2 x $0.00 = $0.00
Budgeting for the minimum payment isn't much of a budget. Get those folks a Congressional seat!
I pay off my credit cards in full each and every month. :)
But seriously, if your credit card company does do this, simply write them a nice little note saying that while you will make the payments, also enclose the cards cut up, and explain that you will never do business with the bank that issued the card ever again, and that you will tell all your friends to never use their cards again.
Well, I wonder what taxpayers will do with that free money they receive as a tax refund ( for being overwithheld) now that they won't have to use it to pay down debt.
We had turned the corner and stopped charging.
Every present under our tree was paid for with cash and we cut all the cards up last month.
Never again, ever. I will pay these bastards off and never let the minto my pocket again.
For impulse buyers, yes. But sometimes people who have little choice when the car suddenly breaks down, or a plumbing problem crops up, or suddenly you have no heat, well, you don't always have $2K cash on hand. As for me, well, I always pay as much as I can (well, well over minimum due) to keep such debt as low as possible.
Add it to the amount they take in a home equity loan to go on vacation.
"Well, I wonder what taxpayers will do with that free money they receive as a tax refund"
As for me I will send it to the card with the highest interest rate.
I'm in the same boat...fighting hard to keep our heads above water due to credit card debt run up in my stupid 20s. It's hard, and slow, and agonizing, and doesn't leave us any reserves if things go wrong. Especially with a kid on the way. As I often say to myself, "I make too much money to be this broke!"
But, I got myself into the hole, and with God's help and some hard work, my wife and I will get ourselves out.
}:-)4
"free money they receive as a tax refund"
Now I see where you have CC debt...
Sometimes if a big expense crops up, I carry a balance, but it bugs the heck out of me.
"If, like many Americans, you've been incurring credit card debt based on being able to afford the monthly minimum payment.."
Let me finish that sentence: "You deserve what you get".
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