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Contributed by mm | May 31, 2005 12:38 AM PST
I only see all these organizations are intervening in the wrong place: a lower minimal payment percentage is pro-choice. A more meaningful intervention would be to request banks to show number of months to pay off balance with different monthly payment level.
From About: Financial Planning:
Under pressure from the Office of the Comptroller of the Currency (which regulates national banks), the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision, national banks will soon be doubling the minimum monthly credit card payments.
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If you're the average American, with $10,000 in credit card debt, your minimum monthly payments are probably currently around $200 (2% of your balance). Under the new guidelines, sometime this year, your minimum payments will go up to 4% of your balance, or $400 on a $10,000 credit card balance. Will you be able to come up with the additional $200? In addition, interest rates are continuing to rise, and as they do, so will your minimum payments and your interest costs.
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QSR Q1 (May 30, 2005)
No surprise that people are swiping cards more often at quick service restaurants. I'm so glad I don't have to handle all the changes when I buy my lunch at McDonald's.
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