interesting article on cc's,bankrupcy
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interesting article on cc's,bankrupcy
| Wed, 09-28-2005 - 2:33pm |
Hi, everyone. I was reading an interesting article about the new fed rules on cc minimum payments, where cc companies will now have minimum monthly payments (+ the usual late fees, finance chg, over-limit fees, etc) PLUS four percent of balance. Sooo-instead of the $5,000 cc balance of $100/month, the new payment will be $278! So instead of 2% ,the minimum payment would jump to 4% (toward end of 2005). The article also mentioned CardWeb.com cc debt averages $10K. Payday lender loans were charging a whopping 474% interest!. And,beginning Oct 17th Chapter 7 to get rid of debt,people will first go thru credit counseling. Thus, the credit counselor will decide if the folks can go thru bankrupcy or not, or go thru debt management programs instead. This made me pause! Whiz.
