Beware of declining least payments - accept
If you opened a acknowledgment card announcement freshly and were pleasantly astonished to find that your least amount payment due was lowered, don't be so quick to "jump for joy". What may arrive on the scene as a small boost to your monthly finances is in reality the rock that can weigh you down in debt for a lifetime.
More and more acclaim card companies are affecting to requiring a least payment of 2% of your total outstanding balance. Consumer Action, a consumer encouragement group out of San Francisco, found that the come to of card companies with a 2% least payment reached 53%, up from 43% just a year ago.
Some creditors have even gone so far as to call this a "consumer friendly" move claiming it will assist regulars faced with today's financial woes. In reality, a lower least amount payment causes you to take longer to pay off your debt to the creditor while winding up paying them more money in appeal payments.
For example, let's say you have a accept card debt of $2500. 00 @18% once a year percentage rate (APR). Your monthly least payment based on a 2. 5% pay back rate would be $62. 50 per month. Oh and by the way, here's what the accept card circle especially doesn't want you to know - it will take you 20 YEARS to pay off your $2500. 00 consider paying the bare minimum monthly due. And you will have paid the acclaim card ballet company $3,365. 51 in interest!
Now lets look at the same exemplar using the rate of 2% bare minimum monthly payment. Your monthly payment drops to just $50. 00 a month. You might be tempted to think "wow, I've got an extra $12. 50 a month to play with, yippeee!". Not so fast! That lower least amount payment now means it will take you 34. 5 YEARS to pay off your assess of $2500. 00 and you'll wind up paying $6,430. 93 in interest!
Consumer Battle also intelligence that many belief card companies are grand elevated late payment fees and "more than a third of card issuers said they will raise free cardholders' rates since of poor belief histories -- with other creditors -- even if the consumer has made regular, apt payments with that issuer".
My guidance is to watch your use of acknowledgment carefully, at all times pay more than the least monthly due, and be sure to read the fine print on any belief card offers or changes to your obtainable accounts.
© 2004, www.
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