If all the CC do this...

**byusteeler** · 05-16-2005, 11:32 AM

Re: If all the CC do this...

I read that article too. Luckily I do not have a lot of credit card debt. But I do have one 0 interest card that has a balance too high for me to pay off with chase. I already pay more than the minimum balance every month so payment will not be doubled but it will be more than I am paying now. OUCH!

**jmjj215** · 05-16-2005, 12:12 PM

Re: If all the CC do this...

It's a tough situation to be in. Those credit card agreements are totally in the CCs favor. They can change what they want, when they want.

**singinjeannie** · 05-16-2005, 06:31 PM

Re: If all the CC do this...

Yep, Jesse, you are absolutely right. I wish I had known before what I know now. I was very, very stupid with money. Now that I'm getting a clue, it's almost like it's too late.

I just want to pay these stupid things off. Unfortunately, I still have to pay the mortgage and feed the family, too, so there's not a whole lot left to put into "extra" cc payments. I just keep praying for a financial miracle.

-Jean

**Tree0164** · 05-17-2005, 02:18 AM

Re: If all the CC do this...

I honestly don't see too many CC companies doing this. It is in their favor to have lower min payments because they earn more interest in the long term.

One day at a time Jean! One thing that they stated in there was adjust your tax withholdings-that may give you a little wiggle room.

Good luck!

**jmjj215** · 05-17-2005, 04:57 AM

Re: If all the CC do this...

Hey Jean, if you feel up to the task, you could post your budget and have people critique it (friendly critiquing of course!). I've found that's helped a lot of people get ideas and see things from a different perspective. It helps to get a second, third, ninth opinion. Maybe that will provide you w/ a small financial miracle!?

**singinjeannie** · 05-17-2005, 05:13 AM

Re: If all the CC do this...

I usually get a large income tax return, because of the 4 kids and the income not being so great, but I claim a large number of dependents. (10?) Right now, on my husbands paychecks, it says they are taking out NO tax for FED deduction.

It said that last year too, and we still ended up getting a huge refund so the whole federal tax thing confuses me terribly.

I really hope all the CC companies don't do this, as it's really going to be a mess for me and my financially-unsavy family.

Sigh.

**jmjj215** · 05-17-2005, 05:35 AM

Re: If all the CC do this...

Jean,
You probably got the EIC - which is a refundable credit. With a normal credit, if your tax liability was $500 and you had a child credit of $1000, your new tax liability would be $0. With and Earned Income Credit of $1000 (and no child credit hypothetically), you would get a $500 refund - even though you hadn't paid anything in. That's a refundable credit. It phases in strongest at a certain income level, then slowly phases out again as income increases.

**jhd815** · 06-05-2005, 07:47 AM

Re: If all the CC do this...

Jean,

Also consider contacting your CC companies if you find that you can't afford higher payments. Most of them will work with you to set up a payment plan. You won't be able to use that credit card while on a payment plan however.

Keep us posted on how things are going for you.

**CRFSaver** · 06-16-2005, 07:28 AM

Re: If all the CC do this...

The credit card companies will raise the minimums. Pretty much the OCC has said they have no choice but to raise them. The Fed is concerned with negative amortization on revolving debt. Some card payments are so low that it doesnt even cover the interest accrual. It is short term pain but in the long run will be better for consumers.

If all the CC do this...