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Credit Card Payments Getting Ready To Double!
Get ready. Your minimum credit card payment is about to double! Yes, pressured by the office of the comptroller of the currency since the enactment of the Bankruptcy Reform Act of 2005, banks are ready to raise your minimum payments up to 4%.
Why? Because consumers have racked up so much unsecured debt, that they are in a pay for life program. The idea is that the higher payments will have a twofold effect. One, to pay down the principal faster. For example, a 2000.00-dollar balance at 18% and minimum payments of 2%, will take about 30 years to pay off. At a minimum payment of 4%, you are looking at 10 years, and a huge savings in interest. Also, it is thought that consumers will keep their balances lower because they will know that the minimum payment will be harder to meet.
So, what’s the problem you ask? Well, many americans cannot even afford their current 2 and 2.5% payments, let alone 4%. So once again, our leaders are to your rescue with another disastrous idea.
If you do not think that the banks are really in control here, please think again. The real problem is that the interest rates on credit cards is legal usury! An issue simply not being addressed. So, get ready, if you are currently having problems meeting your minimums. What to do? Get out of debt! Do not wait another day to see what a debt management, debt settlement, or perhaps an alternate debt relief program can do for you, to help you avoid a bankruptcy. The time to act is now, not when the problem is further advanced.
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