Posted by bobnone | Posted in Credit Card | Posted on 04-05-2010
Credit Card Minimum Payment Increase ~~Financial Matters of Life ~~
Say No to Credit Card Minimum Payment
Let's face it. Most of us has at least one credit card if not more. Getting a bill each month is always a painful experience, because that makes us realize how much we spent. They often end up realizing that we had no need to spend that kind quantity or, worse yet, realize that we can not afford to pay the total amount a month for that. So we end up making the credit card minimum payment, hoping to clear the balance next month. We repeat this exercise next month too, and the following month and next month … until we are caught in a circle cycle in which only pay the credit card minimum payment. This does not bother many of us to make the payment minimum credit card does not affect our credit report. It seems to take in our way and let the amount to be paid to accumulate until they have a huge debt of credit cards to pay.
It is not uncommon to pay credit card minimum payment. In fact, a whooping thirty percent are paying only the minimum payment credit card. For the first time credit card payment Minimum credit users: the lowest amount we can pay to our account of his good name. While credit card minimum payment helps us to pay our debts without getting a bad credit report, somewhere down the line also makes us take for granted our debt. Opinions are sharply divided on this issue.
But one thing remains true is that if only the minimum payment credit card payment is being sucked into a circle debt and bankruptcy possible! Credit amount is calculated as a percentage of your current balance. The credit card minimum payment drops, the balance is paid, but Thanks to the magic of compounding, you end up paying long, long time. This is something that most people are not aware of and end up paying minimum payment credit card. So not only do we continue to accumulate huge debts to pay, but are unaware of the hidden costs we also have to pay while paying minimum payment credit.
At the beginning of the credit card minimum payment used to be about 2 to 2.5%. However ago some time the U.S. government has increased this percentage to 5%. This was because people would only credit card minimum payment, thus increasing their debts. To get people to pay their debts faster than the government took this measure to increase the rate of interest. And it seems to have worked like a charm! Many are now shelling out more than just the minimum payment credit card payment.
It is better to pay the full payment of your credit card to pay the minimum payment to save your hard earned money.
About the Author
William King is the director of Wholesale Pages: http://www.wholesalepages.co.uk , Australia Wholesalers: http://www.australiawholesalers.com , Pakistan Real Estate & Pakistan Property: http://www.zameen.com , and Dubai Property & Dubai Real Estate in UAE: http://www.bayut.com . He has 18 years of experience in the marketing and trading industries and has been helping retailers, entrepreneurs and startups with their product sourcing, promotion, marketing and supply chain requirements.
Report: Shumaila Rana credit card case – Telephone Conversation with the bank representative
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