A friend of ours, who happens to be a state representative, was over to the house tonight and shared some interesting information. According to him, the minimum payment on all credit cards will be going from 2% of your balance to 4% of your balance after the first of the year. For some reason, this is a mandate in the new bankruptcy laws.
What I find interesting is that this has not been on the news or even in the fine print of the 4 credit card offers we receive in the mail a day. Could that be because Chase wants to wait until after everyone charges their Christmas goodies? I would like to think that businesses are more interested in helping
their customers than driving them into a desperate situation, but one does wonder why we haven't heard about this.
Consider yourself pre-warned, my friends. If this isn't a reason to pay cash for everything, I don't know what is!