Article in Sun. paper

iVillage Member
Registered: 03-27-2003
Article in Sun. paper
1
Mon, 10-03-2005 - 1:44pm

I read a story this morning in yesterday's OC Register (ocreigster.com) business section, and a woman wrote in saying that she and her husband were over $40k in CC debt, and should she take a loan on her 401k to pay it off. It wasn't so much the answer about whether or not to take the loan (she was advised against it), it was something else that caught my attention. Because of the BK laws that go into effect this month, the credit card co's are going to make up for their substantial losses by raising minimum payments, and with the interest rates going up, some with fixed or even zero-rate cards having the rates go up. The article said that some card min. payments could as much as double in size.

Just wanted to pass the info along, along with their web address in case anyone was interested. I know it opened my eyes! I think the article actually came from Sun's WSJ, so I am sure you can locate it on the Wall Street Journal website as well.

Best Wishes to all--
Kathy

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iVillage Member
Registered: 06-16-2004
Mon, 10-03-2005 - 2:13pm
Just noticed you must be pretty close to me!

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