Lying Media Bastards

September 25, 2005

Debt ReCalculations

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If you use credit cards and often only pay the minimum amount every month, you might want to talk to your credit card company.

As the result of some arcane, behind-the-scenes stuff, many credit card companies will be changing your minimum payment amount from around 2% of your balance to around 4% of your balance. As I understand it, if you’ve had your credit card for a while, this change probably won’t go into effect until January 2006 (the changes are already in effect for people who signed up after July 2005).

Allegedly, these changes are to help credit card holders pay off their debt in a “reasonable amount of time” (apparently the former rate would not). Sadly, I imagine an awful lot of folks who only survive by paying the minimums on their credit cards are gonna have to fight even harder to get by.

Posted by Jake on September 25, 2005 5:41 pm

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