High gas prices are already affecting the US economy, and several other events may be about to combine to create what some are calling the Perfect Storm that could sink this economy and who knows what else before it’s through.
A storm of its own was created on several of the bluish community blogs with a post and lots and lots of comments revealing that a change in law about to go into effect in October may well mean that credit card minimum payment requirements will be instantly doubled.
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5 days ago
1 comment:
Seems to me it would be foolish for credit card companies to double their minimum payment requirements, assuming it would be legal for them to do so. Most banks love people making minimum payments cause it barely covers the interest on the loan. That way they can have you paying off a credit card for ten or twenty years of interest payments but still have much of the principal to pay off.
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