September 6, 2005
Buyer Beware
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!
Anonymous kattghoti said...
I had heard of this a long time ago. It has been in the news. I doubt the credit card companies are required to post this, as it is something that will not being going into effect for months.

And if you have to charge your Christmas goodies, you're in it for the wrong reasons.