The photo and the text can be changed by modifying the about.php file.Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.
30
New Legislation Doubles Minimum Credit Card Payments
Posted under by adminHave you gotten your credit card statement for January yet? If you haven’t, you may be in for quite a shock. Minimum monthly credit card payments are scheduled to go from 2% of your outstanding balance to 4% of your outstanding balance. In other words your payment is going to double.
This will not affect people who aggressively pay down their credit card balances. However, if you are one of the many Americans that can afford to pay only the minimum on your credit card balances, you are going to be faced with some tough choices.This payment increase is designed to get people out of debt by paying more towards their principle. By paying a minimum payment of only 2%, you are barely paying your finance charges. A $1,000 debt will become a 22-year burden that will accumulate thousands in interest.
Here are a few suggestions that will help you come up with some extra money. Only you can decide if it will be enough to cover the extra payment amount. If it will not, it is time to find a reliable credit counselor and ask for some help.
1. The average US taxpaper receives an income tax return of $2,400. You can adjust your withholdings so that you can receive an extra $200 a month instead of letting the government make interest on it all year long before returning it to you at the end of the year.
2. Stop using your credit cards. You will be that much farther ahead if your balance is not on the rise. If you are using your credit cards to pay bills or buy grocreries, it is time to schedlue an appointment with a credit counselor.
3. Cut back on your spending. Most of us have many things in our lives that we pay for that are not necessities. How many times a week do you eat out? There are several things that we have in our lives today that were not even in existence 50 years ago and people did just fine without them. Do you really need cable TV, high speed internet service or a cell phone. These might be some things that you can do without or maybe just cut back on until you get a better handle on your credit card balances.
This increase in credit card payments will cause peopele to take a good hard look at their finances and hopefully they will take corrective action before they are faced with having to make some unwanted choices. The sooner you evaluate your debt the more options you will have available to you.
Add A Comment