After the Credit CARD Act of 2009 went into place, all the credit cards had to show how if you paid only your minimum due, it would take you X years to pay it off, or how much you should pay to get it paid off in 3 years. I loved how they all sent new statements with the message, "We've made it clearer for you to understand this!", yeah bastards, only because you were *forced* to!
Yeah: the profit equation for credit cards is really based on people paying the minimum--and trusting that they'll never figure out how screwed that makes them. The article this came from made it clear that not every place practices all of these methods but clearly some of them do.
I listened to a lady on NPR talk about how her statement now has a warning that if she pays only the minimum, she will NEVER pay it off. Her interest is more than her minimum payment!
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May 13 2010, 13:24:13 UTC 2 years ago
May 13 2010, 13:25:57 UTC 2 years ago
-Marco
May 13 2010, 19:14:57 UTC 2 years ago
May 16 2010, 10:47:16 UTC 2 years ago
VISA Debit card
They are advertising VISA debit cards these days. I got one 20 years ago, when I started work. Never use credit.