Posted by Stamper_WI on 12/13/05 10:10pm
Msg #82310

Just a guess

Have you all noticed the credit card debt being paid off with the equity in folk's homes? My guess is that when the credit card companies double the monthly payments in January, we will get really busy. What are your opinions?

Reply by Beth/MD on 12/14/05 7:23am
Msg #82350

my guess is a lot of credit card debt will just go unpaid.

Reply by LawrenceOK on 12/14/05 8:44am
Msg #82373

I would'nt go out and buy a new car just yet. jmo

Reply by Ilona_OH on 12/14/05 9:01am
Msg #82379

I must have missed this one but what about cc rates doubling in Jan.?

Reply by Teddog_CO on 12/14/05 10:33am
Msg #82433

I have noticed that a LOT of the signings I've done this month are surely paying off CC debt. All with Very high balances! Yikes ! I would suppose it's better than paying some 24% as long as these folks have the "cutting up" ceremony and Never use those CC's again they will be OK. That's the problem, will they stop using them or just get back into the same situation?
It's hard to tell if it will pick-up , just a "wait and see" approach.
Over all it's been busy for me. Everyone should bear in mind that this a slower time of the year and not get to upset with the layoffs and such, it happens Every year at this time and in Every arena.
Also, it doesn't hurt to have a few other "irons" in the fire, just to keep a steady flow of cash coming in at all times. If you do, you can well afford to pass up the $45-50 buck jobs and just work with your good fee companies. There is NO profit in low-ball fees and all they do is cost YOU money in the long run. With gas going up again I believe you will see a lot of low-ball notaries go "bye-bye" they should see after a month or two they are paying money out instead of making a profit.

Reply by DellaCa on 12/14/05 10:52am
Msg #82447

Whats the skinny on this I have not heard anything(doubling)

Reply by PAW_Fl on 12/14/05 11:26am
Msg #82460

Re: Whats the skinny on this I have not heard anything(doubl

Minimum payment on credit cards is being raised! It is raising from the existing 2% of the outstanding balance to 4%. Is raising minimum payment good news or bad news? It depends on which side of the credit card balance you are sitting. This issue will be more thoroughly discussed below but I cannot resist inserting a few comments to begin the discussion of raising credit card minimum payments.

Read the entire article -> http://credit.about.com/od/creditanddebitcards/a/051805.htm

Or this one -> http://moneycentral.msn.com/content/Banking/creditcardsmarts/P117014.asp

Or -> http://www.bankrate.com/brm/news/debt/20050503a1.asp

Or just do a google search for "Credit Card 2% 4%" (without the quotes, of course).

Reply by Teddog_CO on 12/14/05 11:26am
Msg #82461

DellaCa

It's been on some of the financial programs and I know I read it in the financial section of the paper. That's grand new plan of some CC companies to start jacking up the interest rates or double the payment.
Several months ago I recieved a notice from MBNA (a card we've had 12/yrs) RE: agree to their new terms or they would have the right to demand full payment of any balance if I would not agree to a higher interest rate 22%- HA! Not in this life-time. My balance was about $200 bucks. lol
So I wrote them an equally nasty letter telling them what I thought of their tactics and a check for $200 bucks.
About a week later they sent me a "Nice-Nice" letter saying that the was a mass mailing and I should never of recieved it. OH Sure! They then lowered my rate a point. Ok with me.
So all CC companies must be sending out simliar letters to people (I love their extra fine print) and I'm sure people just don't read have of these things and don't even realize what's going to hit them until they get their bills in January.
CC companies are going to take Full advantage of those new laws RE: Bankruptcy. Such nice people! lol
Moral >don't use the plastic money.