Credit Cards

busterb · 04-01-2006, 05:18 PM

I have a B of a card. Before the new banking laws, my min. payment was 0. So the law said they could double that. Which equals what? 0 doubled = 0. Anyway I've been keeping an eye on this account. If I don't use it they charge me about $.90 cents. This month my bill shows a periodic finance charge of $13.69 on a balance of $1,914.35. What is the real interest rate?
I'm not smart enough to use their MBA math. But I think I could get almost that good of rates from the local Jesse James loan company.Which this state is known for. Vote for your best pick of assholes.

xoxoxoBruce · 04-01-2006, 06:37 PM

I think the new law says the minimum is a percentage of the balance, so there couldn't be a 0 minimum payment.
I know they would rather collect interest than principle but I've never had a card that didn't want at least $15 or $20 minimum every month.

04-01-2006, 07:01 PM

Or you could have a debit card where the bank lies to you about how it works and gets $200 for what amounts to a $100 loan. GRRRRRR!

busterb · 04-01-2006, 07:06 PM

Mari. Slow down and read the fine print, I would say that they have you by the nuts, you understand!

busterb · 04-01-2006, 07:11 PM

Guess what I'm thinking, is that I use part of my SBA loan to payoff the card.
But big brother might have a shit fit? So what to do with me? How can they do anything as long as I pay my notes?

zippyt · 04-01-2006, 10:42 PM

From what I understand of the new laws their intent was to raise the min payment so you would pay at least some againgt the principle not just the intrest , so you could possibly pay off the card one day .

Beestie · 04-02-2006, 12:40 AM

Quote:

Originally Posted by busterb

This month my bill shows a periodic finance charge of $13.69 on a balance of $1,914.35. What is the real interest rate?

8.5%. Not bad so quit yer bellyachin.

What the credit institutions or, rather, the secondary investors who are buying debt backed by credit card balances are beginning to realize is that the new law is going to produce a substantial increase in bankruptcy filings. So the credit card company lobbyists have been asked to switch gears from paying Congressmen and Senators to change the min pmt law to paying them to change the bankruptcy laws. Not if but when.

04-01-2006, 05:18 PM	#1
busterb NSABFD Join Date: Jul 2004 Location: MS. usa Posts: 3,908	Credit Cards I have a B of a card. Before the new banking laws, my min. payment was 0. So the law said they could double that. Which equals what? 0 doubled = 0. Anyway I've been keeping an eye on this account. If I don't use it they charge me about $.90 cents. This month my bill shows a periodic finance charge of $13.69 on a balance of $1,914.35. What is the real interest rate? I'm not smart enough to use their MBA math. But I think I could get almost that good of rates from the local Jesse James loan company.Which this state is known for. Vote for your best pick of assholes. __________________ I've haven't left very deep footprints in the sands of time. But, boy I've left a bunch.

04-01-2006, 06:37 PM	#2
xoxoxoBruce The future is unwritten Join Date: Oct 2002 Posts: 71,105	I think the new law says the minimum is a percentage of the balance, so there couldn't be a 0 minimum payment. I know they would rather collect interest than principle but I've never had a card that didn't want at least $15 or $20 minimum every month. __________________ The descent of man ~ Nixon, Friedman, Reagan, Trump.

04-01-2006, 07:06 PM	#4
busterb NSABFD Join Date: Jul 2004 Location: MS. usa Posts: 3,908	Mari. Slow down and read the fine print, I would say that they have you by the nuts, you understand! __________________ I've haven't left very deep footprints in the sands of time. But, boy I've left a bunch.

04-01-2006, 07:11 PM	#5
busterb NSABFD Join Date: Jul 2004 Location: MS. usa Posts: 3,908	Guess what I'm thinking, is that I use part of my SBA loan to payoff the card. But big brother might have a shit fit? So what to do with me? How can they do anything as long as I pay my notes? __________________ I've haven't left very deep footprints in the sands of time. But, boy I've left a bunch.

04-01-2006, 10:42 PM	#6
zippyt LONG LIVE KING ZIPPY! per Feetz Join Date: Mar 2003 Location: Arkansas Posts: 7,661	From what I understand of the new laws their intent was to raise the min payment so you would pay at least some againgt the principle not just the intrest , so you could possibly pay off the card one day . __________________ "Success is getting what you want. Happiness is wanting what you get. " Brother Dave Gardner

04-01-2006, 07:01 PM	#3
marichiko Guest Posts: n/a	Or you could have a debit card where the bank lies to you about how it works and gets $200 for what amounts to a $100 loan. GRRRRRR!

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