Comments on: Minimum Monthly Balance Tip For Credit Card Debt

By: family photo

family photo — Wed, 29 Dec 2010 08:40:23 +0000

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By: Khaleef @ KNS Financial

Khaleef @ KNS Financial — Thu, 03 Jun 2010 18:42:15 +0000

I was glad to see that the CC companies are now required to show consumers how long it will take to pay off their balance. I just hope that people pay attention to it, finally. I think it’s important to keep writing articles like this one in order to drive the point home.
.-= Khaleef @ KNS Financial´s last blog ..What to Look for When Choosing a Career – ~Choosing between money and happiness =-.

By: Kevin M

Kevin M — Tue, 01 Jun 2010 20:39:30 +0000

Vitaeus – I’ve seen that and I agree that it’s very useful. Just seeing the numbers is pretty convincing that you need to stay on top of the payments.

One of the issues with credit cards previously was that those comparisons were missing, hiding the real cost of the loans.

By: Vitaeus

Vitaeus — Tue, 01 Jun 2010 18:21:27 +0000

The new CARD act added a very useful table to all credit card statements, the table shows in plain english just how much money you are going to spend if you never pay more than the minimum payment and it also has the amount you need to pay per month to pay off the card in 3 years or so. This information is hopefully going to wake up the general public to the cost of their easy credit. If they choose to pay the minimum only after seeing that table then no amount of tlaking will help them.

By: Kevin M

Kevin M — Tue, 01 Jun 2010 17:26:14 +0000

I agree with that line of reasoning completely. The problem with it is twofold: the credit card companies make it to easy to use their product, and we live in a media/marketing culture that pursuades us (demands!) that we have it all now. The combination of the two is hard to overcome unless you’re intentional about it.

By: Everyday Tips

Everyday Tips — Tue, 01 Jun 2010 17:16:20 +0000

I think that credit cards should be the very last vehicle used to pay for something. The interest rates you pay are nothing short of criminal. If you can’t pay for it that month, just don’t buy it. I know that sounds simple and probably unrealistic, but if you try hard, you can avoid credit card debt forever.

As a side note, I was never perfect and credit card debt free. I paid for a big part of graduate school with credit cards because all other options were exhausted. Once i dug myself out of that whole, I never crawled back in. Obviously extenuating circumstances sometimes occur and you have no choice. But if you are looking at a day-to-day item and you can’t pay for it that month, just run away.
.-= Everyday Tips´s last blog ..Opportunity Cost – Trading Financial Gain for Security =-.

By: Kevin M

Kevin M — Tue, 01 Jun 2010 14:08:18 +0000

That’s the whole lure of credit cards, buy now and pay later with a low minimum monthly payment. But it’s a trap, since as easy as it is to get it, it’s even easier to build up. And it builds up quickly until it becomes the problem that it really is.

Credit cards can be used responsibly, but it’s one of those games where the deck is stacked against us, so we can never let our guard down.

By: Faiz

Faiz — Tue, 01 Jun 2010 03:19:29 +0000

Yeah. It feels so nice to buy a lot of nice things using credit card. And paying just the minimum payment which seems so little you can afford to buy anything you want. But in the long run with the interest you will pay double of the product price. Just use one credit card and regularly check your statements.

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