Credit Card Company Raising Minimum Payments......
I don't think it to be a bad decision. If people want to misuse
I don't think it to be a bad decision. If people want to misuse credit, they won't bring any improvement in their file. But consider those people who are desperate to become debt free. They will take lesser time to come out of the debt cycle and ultimately it will be helpful in the long run.
Just consider, can that 2% be enough to pay off the complete debt especially when you have high interests and not to forget the late payment fees that come added with it on defaults. You are just getting farther from your principal amount by paying just the minimum percentage. The credit company definitely profits out of this propaganda but at present they are getting inclined towards the consumer interests.
I think, overall, it is a great thing. But alot of people who
I think, overall, it is a great thing. But alot of people who are struggling now will get hurt. I know it would have really screwed us up, if we weren't already in a consolidation program.
clueless1, this is what I had to say in the other thread you cre
clueless1, this is what I had to say in the other thread you created
Quote:
I was sent to a debt consolidation company through this site. They matched my contact information with the company operating in my area. Later, I was contacted by their consultant and he helped me in arranging my payment plans with my creditors. I have also been successful in getting my debt reduced by a large margin. You must also enroll yourself in this site for a free counseling. You won't be charged anything for this service. |