Most of the economic rules are made by rich people. They dont realize how much the rest of us rely on credit. Its because they are out of touch. This whole economy depends on credit now with higher monthly payments I notice I am spending less. They need to change that rule real fast or we may have a recession!
2007-10-16 11:37:34 · 9 answers · asked by dpepperdrinker 5 in Business & Finance ➔ Credit
Your right.. It's going down the tubes and more and more of us are having to reduce our living standards and go into bankruptcy.. Plus the universal credit card where a creditor will look at your credit report and if you have a 30 day late on your credit with a different creditor then you will be punished by losing your low interest rate with them. Its evil... I say get even and file bankruptcy and teach them all a lesson.
2007-10-16 11:43:49 · answer #1 · answered by Lea 4 · 1⤊ 3⤋
If you are referring to the higher minimum credit card payment, it's probably a good thing. For people who cannot afford the difference from a 2% payment to a a 3% payment, wouldn't that indicate that the level of debt they have is just much too large? If they can't even afford to pay 1% more of what they owe in a month - when would they ever actually get the whole thing paid off?
If changing the minimum payment from 2% to 3% helps keep people from accumulating as much debt, it's probably for the best. So many people keep buying things and all they look at is the monthly payment, instead of choosing to not buy what they really don't need.
2007-10-16 11:47:17 · answer #2 · answered by likepepsi 7 · 1⤊ 0⤋
What new credit card rules? Are you talking about the minimum payments being increased to at least cover the monthly interest?
That change was made to help people who have run up those credit cards and are only paying minimum payments. At least the higher payments will let them tread water instead of sink.
The best way to handle credit cards is to only charge what you can afford to pay in full every month.
2007-10-16 11:47:03 · answer #3 · answered by bdancer222 7 · 0⤊ 0⤋
Given the financial crises the world is experiencing and, especially in the US, the number of people being loaned money that they cannot pay back, I find it quite responsible that someone with no actual income will no longer qualify for a credit card. Also, being a joint credit card DOES build credit for both people. In fact, this is a very common practise used to help people build up a bad credit rating. One family member will take on another to help them build a better rating. I don't think, given the bank and credit problems plaguing the world right now, that tighter restrictions are a bad thing. Maybe this is what will help people get back on their feet and make better choices.
2016-05-23 00:01:34 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I must disagree.
No one should use credit cards for anything that they can not pay for in 90-days maximum.
Anyone that is living on credit cards is living beyond their means and is doomed to fail unless they get their spending under control.
This is the reason for the change in the minimum payments, so people will be forced to pay off their credit cards faster.
I have not paid interest on a credit card in over 3-years and never will again even though I use them most every day.
2007-10-16 11:44:28 · answer #5 · answered by ? 7 · 8⤊ 0⤋
Well, you are partially correct.
The rich people DO realize how much the rest of us rely on credit. They've designed the system so that we have to rely on credit, and that credit is not affordable! They want to charge us outrageously high interest, penalties and late fees so that we remain poor and dependent on the credit they will provide for us.
And yes, we are headed for a recession. Rich people scoop us lots of bargains for pennies on the dollar during economic hard times like the one we are headed for.
2007-10-16 11:45:52 · answer #6 · answered by Anonymous · 1⤊ 2⤋
The only reason to use credit cards is to avoid carrying cash. No one should be using credit if they can't pay it off by the end of the closing period on the card.
Exceptions should be emergencies.
2007-10-16 11:53:37 · answer #7 · answered by Steveo 5 · 2⤊ 0⤋
I think people rely on credit so much because we are used to living beyond our means.
2007-10-16 12:17:43 · answer #8 · answered by Anonymous · 0⤊ 0⤋
By forcing you to pay your bills, we'll go into a recession? No matter if you're buying product or paying off your bills, you're still sending money into the economy. The former is someone elses money, the latter is your money.
2007-10-16 11:46:10 · answer #9 · answered by Zeltar 6 · 1⤊ 0⤋