why is the feds makeing us pay 3% on are outstanding credit card balance.?
155047
Most consumers do not know that if they only pay the old minimum on their credit cards it would take about 40 years to get out of debt.  The feds are doing this to help out the consumer, although it may not seem like it right now to you.\n\nI have been there, my friend, but I am now debt free (well except a mortgage and a car loan) and here is how i did it.\n\n1. Stop using your credit cards.  Cut them up.  If you cannot bear to do that then put them in a baggie filled with water and freeze them.\n\n2. Instead of paying your new minimum every month, pay half of it every 14 days.  Not twice a month, but every 14 days.  You will be amazed at how quickly your debt disappears.\n\nThe credit card companies would love to go back to the old system and do not want you to know about the pay every 14 days method so they could take more of your money.  \n\nWhen you get them paid off, then only use them as a "charge card".  The difference is that you pay that off every month and you do not pay them any interest.\n\nWork hard and get this done and you will feel so GREAT when you are debt free you may not want to rack up charges ever again.
402786
It depends on the credit card.\n\nMost credit cards require 2% or 4% of the outstanding balance.\n\nTo calculate it, multiply:\n(% of outstanding balance) x (oustanding balance).\n\nFor example, if you owe $3000, and your credit card company required a 4% balance payment, then you'd multiply:\n$3000 x 4% = $120\n\nAlso, many credit card companies round up to the nearest $1, $5, or $10.
276145
Apply to different credit cards but don't overdo it.  3-5 should be ok.  Make sure you do not send a late payment, that hurts your credit.  Try to pay more than just the minimum payment.  Don't max the credit cards either.  That won't help your credit.
335474
If you're making monthly payments, they'd be $1,217.93, so a total of $3,653.79 for three monthly payments.\n\nIf you're making quarterly payments (one payment every three months) they'd be $3,663.21.\n\nI wasn't quite sure which you meant...
1158083
That's not a good FICO score, but (American) auto manufacturers are getting very desperate.  Who knows... someone at "the big 3" dealers may go for it.  Watch out for extreme interest rates though!
131504
Penetration of credit cards itself means nothing: I might have 9 different credit cards but I always write a check or pay by cash for all my expenses.\n\nI will turn the question and ask it differently: What percentage of payments in the US is made through credit cards (as opposed to checks, cash etc.)\nI know that 37% of payment volume (payment dollars) is made through cards, which of course includes credit cards, debit cards, check cards, prepaid cards etc. I would take a guess and say that probably about 10-15% is solely through credit cards.
279991
I'm not sure, but you should check the fine print on the credit card application/disclosure. It will state what the minimum payment is. Normally around 3-5% of your balance.
994707
Credit Cards are for idiots. Pay more later? what a great concept for corporate pigs. interests rates are retard high too. If I can't afford it now, I don't need it.
310560
That's something you have to ask your credit card company.  When you make payment, try to pay at least $5 more than the minimum due.  It will help you a bit.
564135
This is a trick by the card companies to get them to spend more on their cards so they can be fleeced out of more and more interest.  I would rather keep my money safe than have cheap trinkets and meaningless offers; stuff credit cards- its just profiteering from those who can't afford it, like the Lottery.
96860
They will not credit the 3% because you are not currently earning a paycheck from them and your position has been outsourced.  I would contact your Human Resources department and ask them.  They will have all the corporate policy on these matters.  Good luck and thanks for serving.
268432
I have to disagree with the guy above, about the 3 Trillion it is 8 Trillion and President Clinton balanced the budget in the late 90's with reserves. This debt has come from this administration solely, and they don't care. Why would a millionaire care about $2.50- $5.00 at the pump when they are making more money off of the stock options? The answer is #C and #D and the lenders are part of the problem for America they are the lobbyists that elected this administration.
1031512
Here's a hypothetical situation that may help... \n\nSay you have three cards: One at 30%, another at 25% and another at 20%.\n\nYou have to pay them all each month, but don't try to pay them off all together. Pay the highest rate card off first and you'll save a ton of money in interest.\n\nHow to do it: Pay the minimum on the 20% and 25% cards, and then pay all you can afford to on the 30%. This will pay down the 30% card quickly, while the other two go down slowly or hold somewhat steady.\n\nThen, when you've got the 30% card paid off, take everything you were putting toward that, and put it toward the 25% card, while still paying the minimum on the 20% card.\n\nThen, once the 25% card is paid off, put all that money toward the 20% card.\n\n*** Remember: Whatever you do, don't try to pay them all down together.*** You need to prioritize, and pay the highest first while only paying the minimum on the others***\n\nAlso, don't be afraid to call up the companies and try to get your rates lowered. It sometimes works, but not for me. I threatened to get a loan at a much lower rate through my credit union and pay off the ~$3000 I owed to MBNA.  They still refused to do anything, and I followed through, and paid it off immediately.\n\nNow, I still owe part of that to my credit union, but it's at 12%, no 28.75%. The same thing may work for you. They're bullies, so don't be afraid to bully them back.\n\nDon't use a debt-consolidation company. Try to get a loan through your bank or credit union, and pay it all off. If you can do it, it'll be a lot easier.
138314
They keep you confused so they can keep as much of the interest free loan you give them in taxes every year. Do you honestly think our forefathers intended for the tax system to get so far out of control? It's just insane! Their rules are like saying the sky is blue, but only on Tuesdays when you were red pants or on Fridays when half the population is on lunch. They don't have set rules for everyone and that's just ridiculous!
276120
The new minimum payment rules are not a law, they are just a guideline issued by the Office of the Comptroller of the Currency (OCC) which is the part of the US Federal Government that is responsible for regulating the credit cards industry.\n\nAlthough I don't know exactly what the rules say word for word, any minimum payment on a credit card should now be at least 1% of the balance plus any fees (such as late fees, ATM fees, or over-the-credit-line fees) and any finance charges (interest).\n\nMany credit card companies, however, have set their payments somewhat higher than this minimum requirement.  It also depends on whether it's a personal card or a business card.  Citi Cards commercial account minimum payments are now 3% of the balance plus fees & finance charges.\n\nIt's important to realize that if your account is current and you don't have a lot of late fees or ATM charges, then your minimum payment won't be going up very much at all.  Also, the new rules impact people who only pay the absolute minimum each month.  If you already pay more than the minimum, you probably won't notice a difference at all.\n\nIt's up to the credit card company as to when the new payments will start, but I believe the "grace period" is up some time this year.  Your credit card company will send you (or has already sent) a "change in terms" notification letter either in with your statement or in a separate envelope.  If you're not sure if you're on the new payment terms yet, call your card company and ask.
528770
All credit card companies now have a thing called a default APR, which means that if you are late with one payment, or go over your credit line one time, then you are charged a radically high APR, sometimes up to 35%.\n\nYes, it is abuse: CC companies love to target college students, knowing full well few people appreciate the challenges of owning a CC.\n\nDo what you can to pay off that credit card. It is very important to make a little bit more than the monthly minimum payment, as you could spend years paying that off.\n\nIt is very smart of you to start an emergency savings fund: keep on contributing to that.\n\nGet yourself another credit card, but a secured credit card, which means you put your own money up front, usually with a minimum of $300. You do need a credit card to build a credit history, which is very important.\n\nUse any future credit card very sparingly. Credit card companies are very bad when it comes to resolving customer disputes and they don't care if they lose you as a customer, so you can't negotiate lowering your APR. Just be really careful in the future with credit cards, and I hope you find a way to quickly pay off your balance.
1178450
Call your credit card company and discuss this with them.  Can't hurt to ask.