Guess it’s just me, but I haven’t seen an iota of difference (outside of the decrease because of lower balances) in my required [tag]minimum payments[/tag] on my [tag]credit cards[/tag] despite reading several postings (2 of many PF posts) on how big increases are on the way. Personally I doubt it would matter much because I plan to be paying substantially more than the minimum anyway.
That last linked article (found via Mr. TrainWreck) got a laugh out of me, because the author was either flat out lying using a bit of creative licence with the amount his minimum payment actually was, or he was in substantially more debt than he claimed. $11,000 of ‘interest only payments’ at 29.24% is a whole lot closer to $250 than it is to $500; even at the ‘new’ 4% minimum, $440 certainly is less than the $1,200 he’s bothered about.
I’m thinking that paying off, and keeping out of, debt isn’t so much about managing your [tag]interest payments[/tag] – it’s about being honest with yourself about your finances.
[tags]honesty, personal finance[/tags]
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