02-19-2010, 03:22 PM
so i heard on the news alittle info that has me wondering if i should stop carring credit cards or continue.
many places you can not do business without a credit card.
so the new rules were to do with the rates being fixed(i remember that last month i think they standardized everyone at 38% for many cards) by the way at 38% they are doubling their money every 2 years. with 10,000 in debt you would be paying nearly 10,000 in interest every two years! i know at least 2 pals that have $50,000 in debt and are facing complete financial melt down.
other rules to prevent this over charging of credit cards is the new way they plan to make money. every transaction will have a transaction fee associated with it!
so if you purchased a $40 item you might have an extra $5 added to process the transaction..
i might be off in my details, but this seems excessive for a service that is insured, and required.
many places you can not do business without a credit card.
so the new rules were to do with the rates being fixed(i remember that last month i think they standardized everyone at 38% for many cards) by the way at 38% they are doubling their money every 2 years. with 10,000 in debt you would be paying nearly 10,000 in interest every two years! i know at least 2 pals that have $50,000 in debt and are facing complete financial melt down.
other rules to prevent this over charging of credit cards is the new way they plan to make money. every transaction will have a transaction fee associated with it!
so if you purchased a $40 item you might have an extra $5 added to process the transaction..
i might be off in my details, but this seems excessive for a service that is insured, and required.