Credit Card Minimums to Double!!

News Article

Ok now that I lost what I just typed . Go to spell check, TY pop up blocker !!! and then it wipes what you had when it reloads /sigh.

On for try number two:

The article says as many of my close friends have that our credit card minimums are soon to double. This is supposedly stemming from the recent bankruptcy legislation passed to encourage Americans to get out of debt more quickly. What does all this mean for the average credit card holder?

Well if you have a balance of $4000 you're required to pay around 2% of the balance now which is roughly $80/mo. When this goes into effect (and they're trying to get it through by next month) you'll now be required to pay $160/mo. When the average household has something like 5 credit cards with around $4000 balance that's an increase from $400/mo to 800$ without much warning. Good luck paying that along with increased gas /fuel prices as of late.

In my situation my student loans are coming due next month which will already add $200 more a month to what I have to pay out. Granted their interest is fairly low but still that's a lot more per month than I currently have available funds.

Do I agree with what they're doing? No, and this is why:

I'd like to know why they aren't able to do some kind of graduated increase say 2.5 at first then wait 6mo to a year and go up to 3.0 and increase .5 every 6mo-1yr until they're up to the 4% they want to eventually be at. I agree behind the main principal that they wish to get Americans out of debt faster. Fine! But don't shove it down our throats when our wallets are already over stretched! It's salt in an already oozing, gaping wound! Anyone feel like a tea party? I'm starting too.

How many of you actually look at how much you pay in taxes to the federal and state government in taxes each paycheck? Add in sales tax etc. I'd bet that you're probably only seeing 30cents or less of each dollar. The other 70% goes to fed/state/local government. Do we really need all those services? I mean come on! What happened to the reports of the "fleecing of America" the NBC news used to do. How about you give us back more of our money then talk about doubling our CC minimums. We wouldn't have nearly so much on the CC's if we had more in our bank accounts.

Go talk to your legislators .. or start thinking about Mexico... that country is starting to look more appealing every day!

~Z~