This is going to be painful for quite a few people.
As the commentary says below, it is very coincidental that this change comes just a few months before the new and tougher bankruptcy laws take affect. Personally, I think that requiring a higher minimum payment is a good idea, but applying that change to people that have figured current payments into their budget, will be disastrous. And, I'm not sure how they can get away with this type of change if it wasn't specified in the original credit agreement. I am also very disturbed that this has been kept so quiet. I found this by accident in ONE newspaper. I am not much into conspiracy theories, but I couldn't find this on ABCnews.com or CNN. It is mostly on the smaller news sites and papers. I thought a change that would be this huge would be all over the headlines. I did a search on the Comptroller of the Currency website, and found a few pages that mention this using very ambiguous and vague terminology. >From MSN... Your credit card payment just doubled Good news: Credit card companies are doubling their minimum payments. Bad news: Credit card companies are doubling their minimum payments. Huh? So far, MBNA, Citibank and Bank of America have announced they are doubling minimum monthly payments on credit card balances from 2% to 4%. Others are expected to follow suit quickly. To some cardholders, that could be seen as a good thing. To others it could be devastating. Complete article... http://makeashorterlink.com/?N1EF5194B An interesting commentary..... This is BIG, BIG NEWS! Yet except by accident, have you heard any major announcement about raising minimum payments? Did you see it blaring on the primary news channels? Your credit card payment just doubled. Isn't that newsworthy?. Don't you think this should be shouted from the house top? But instead it is spoken of in whispers... until the new bankruptcy plan is neatly in place. Coincidence? I don't think so. And why has it been so "unannounced"? First of all it is very unpopular with the industry's "best customers"... those are the ones so deep into credit card debt that they cannot see the top. Secondly, bottom line profit loss is at stake if these "best customers" can more easily declare bankruptcy and have this debt written off before the new law takes affect. GUIDE COMMENTARY Though I applaud the credit card minimum payment increase, I cannot help but chastise the credit industry and Comptroller of the Currency (OCC) for the timing. I believe there is far too much coincidence that the new bankruptcy law just happens to occur at the same time as raising minimum payment rates. Allow me to ellaborate: Complete article... http://makeashorterlink.com/?X6FF5594B Another article.... http://www.thestate.com/mld/thestate/11772213.htm _______________________________________________ http://www.mccmedia.com/mailman/listinfo/brin-l
