Credit Card Minimum Increases?
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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 minimum payments on my credit cards 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 interest payments - it’s about being honest with yourself about your finances.
Tagged:
» minimum payments, credit cards, interest payments, honesty, personal finance
