Your Monthly Credit Card Minimum Payments May Double

about.com ^ | unknown | Deborah Fowles

[On the Road to Serfdom]

But under the new law the principle would have to be paid off faster-regardless of interest rate-then under the old law. That is the point of the new law.

My point is the credit card companies could just increase the interst rate of a customer without a specific reason if they wanted to. The idea that they want to increase the minimum payment in order to force some people into trouble thus "allowing" the interest rate to be increased is just not logical. Especially so in light of the fact that the CC companies lobbied against this law

[Keeg2006]

Hey. Just had a comment on the tithing comment. I do not mean to demean it (my wife and I are Christians) but the "the way The Bible instructs" confused me. I can find nothing in the New Testament instructing tithing.

I grew up convinced of dropping 10% into the offering plate as a tithe because that's what everyone told me was correct. As an adult, reading the New Testament, I could never find the scripture requiring that monetary tithe.

Do not take me wrong, please. My comment is not meant to lessen an act of tithing. But I was taught from birth to tithe 10%. As an adult I can't find "the way the Bible instructs" in the Bible.

I firmly believe your tithe is from the heart and from your words I know you are giving from the heart. God rewards that. He takes special notice of the activity of our heart (New Testament). It was your words ... "the way the Bible instructs" ... that caught my attention. I am unaware of those instructions, though I am familiar their rewards.

Small, quiet, point of discussion. Could you direct me to the tithing scriptures you refer to in "the way the Bible instucts"?

Thank you.

[flaglady47]

"but I find that being responsible with one's finances is the best bet."

Tell that to Congress. I love how they pass laws for others who they think spend too much and overextend, while they are the worse abusers themselves.

[SunkenCiv]

The reason is to prevent bank insolvency, at least in some markets. Around here (Michigan) there are a lot of foreclosures and many more houses dumping onto the market. Just at the time when interest rates have climbed and pushed down real estate prices, there are even more houses suddenly on the market. This should be of benefit at such time as when I want to sell (perhaps next year) my modest two bedroom place in the city.

Anyway, banks have been scrambling to write a LOT of smaller loans, stuff like home equity loans (I had enough documentation in my car to get a nice enough line to retire my credit cards, but much of my credit card debt was under 5 per cent anyway) and car loans. They're doing this to cover their problems with defaults on $300K homes. I've been to a party at one of those (last summer, friends' house, beautiful, less than a year old) and while they're nice, that's a much worse way to get overextended than a credit card or three.