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Interest rates/min. pay increases?

Posted by mariend (My Page) on
Mon, Jun 12, 06 at 18:07

Have you noticed that the interest rates are very high, and the min. payments amounts are also very high. No matter how we try to pay off these account, the rates just go up and up. Also even if we bring them to 0, they have to be there for at leaast 2 months or you get hit with interest charges.

Follow-Up Postings:

RE: Interest rates/min. pay increases?

Hi! Are you talking about Credit Cards - or something else?

RE: Interest rates/min. pay increases?

Are you saying you are paying interest on a zero balance for 2 months?

I can understand that if the balance isn't paisd in full each month, that there would be interest from the closing date , until the date that the payment is received. That would tehnbe the 'last' payment, and it would be for the interest for a partial month.

I've never noticed interest rates being high, and have not noticed that min payments are high either. My payment is whatever I have used it for 'that' month...and is paid off each month. It really doesn't matter to me, what interest they want to charge, as they're not gettin any out of me.

Sue...very frugal

RE: Interest rates/min. pay increases?

When I am nearing zero balances on credit cards, student loans, car loans, etc, I phone the bank or issuer and ask how much to pay /to get the balance due. I then add a dollar and mail in a check. This way I don't get hit with the interest charge for 60 days.

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