NEW CREDIT CARD LAWS!!!

[CaptainZombie]

Re: NEW CREDIT CARD LAWS!!!

I just think that is not really fair, I mean what if someone does have $10,000 on a card and there minimum payment is $200, and they have been paying $275 and thats all they could aford, they were still paying over the minimum, now the goverment is going to make that person pay $400 dollars as the minimum, now to me that just not right, what if that person can't pay it. I mean this is could really hurt people then help them, I mean it could really hurt people.

Football you make a good point here.

[jdros13]

Re: NEW CREDIT CARD LAWS!!!

Geeze I'm concerned about credit cards, but then again I'm trying to follow the rule that I only buy what I can with cash, and if I can't pay for it with cash, then I don't buy it.

Credit cards are not bad things. If you use them properly they will give you a good credit score which will help you when you are going for a car loan, buying a house, etc. Hell, some cards can give you free plane tickets in the short term and keep your vacation costs down.

The problems only arise when people use credit cards to live a lifestyle they can't afford. I know I did it about 10 years ago in college (I was paying for those damn tacos forever). Rule of thumb is only spend what you can afford, and don't carry a balance from month to month (ie, pay it off in full). If you find yourself unable to pay it off in full, then you need to re-evalute your spending, because that is when the credit cards start to hurt you. Personally I think it is great what they are trying to do with the increased minimum, because it will force people to be more responsible with their money and live within their means. Unfortunately, so many have gotten used to living on credit and now have to take another look at their budgets.

[jdros13]

Re: NEW CREDIT CARD LAWS!!!

We have a couple of high limit cards. We don't use them much except for emergencies. I pay cash or use my debit card for about 90% of my purchases.

Only real debt we have is on the two cars and the house. I'd like to keep it that way. As far as using credit to get a higher score. I've read that. The credit reporting stuff is confusing. However, despite the fact we don't have much debt, we have no problem getting A-paper loans on auto's and houses. Maybe gross household income kicks in. I have no idea.

I just sleep easier at night knowing I don't have a ton of debt out there.

I'm similar in that my liabilities consist of 1.Mortgage 2.Car loan (2nd car is paid in full). I use credit cards constantly for business (expense reports) and personal things, but pay them off every month and never carry a balance (unless I make a big purchase that is offering 0% financing for 12 months from Best Buy or something - even then I wouldn't buy it if I didn't have the ability to take the money out of my account right that second). I don't want debt, and refuse to take on debt. Hopefully by doing so I won't be working when I'm 65 still trying to pay for Christmas presents I bought 10 years ago.

[Nivek]

Re: NEW CREDIT CARD LAWS!!!

Don't spend what you don't have...end of story.

[bkrich83]

Re: NEW CREDIT CARD LAWS!!!

I'm similar in that my liabilities consist of 1.Mortgage 2.Car loan (2nd car is paid in full). I use credit cards constantly for business (expense reports) and personal things, but pay them off every month and never carry a balance (unless I make a big purchase that is offering 0% financing for 12 months from Best Buy or something - even then I wouldn't buy it if I didn't have the ability to take the money out of my account right that second). I don't want debt, and refuse to take on debt. Hopefully by doing so I won't be working when I'm 65 still trying to pay for Christmas presents I bought 10 years ago.

Exact same reasoning to why we do it that way. Hopefully it pays off . Although I wish we were down to 1 car payment.