Xmas shopping sabotage?

[wellstone_democrat]

I noticed that the rise in credit card payments is December's billing no? For many that will arrive *during* December---that ought to put a crimp into the shopping profit season don't ya think?

I can't think of how many people haven't believed me---they tend to think this will happen to "bad credit risks". Many of them are the "up to my eyeballs and mini-mcmansion in cc debt" middle class types. They can't afford a doubling of the minimum payments. Add heating costs? Disaster.
Seriously, didn't Walmart and their lobbying machine pay attention to this one? They usually watch anything that effects their profits---and in the "make or break" Xmas season?

[nashville_brook]

1. hnmm -- that will be interesting

people won't notice this until it happens. it's always like that.

[Bouncy Ball]

2. We don't have a lot of debt, but we already pay

triple the minimum to pay things off faster. This just means we have to up it even more or we'll just be treading water.

I don't know what's going to happen as a result of this. This is the first Christmas that we won't be doing gifts at all except a few for our child. We decided that last year, and this is just another good reason for it.

[Der Blaue Engel]

6. If you're already paying more, it shouldn't make a difference, should it?

Upping it more will pay it off even faster, but your usual payment won't pay it off slower just because the card's minimum changes.

I'm currently paying double, so I'm assuming this will mean no change to me.

[Cobalt Violet]

3. How do you know it's in December?

[wellstone_democrat]

5. DU and an accountant friend

who told me to pay down debt if I could now because of the rise to 4%
I'm trying but have medical debt from a family member that has made this year hard---still, not the problems many I know who have more than I are going to have.

But, I've read it repeatedly on DU on the cc and bankruptcy threads before the accountant I know mentioned it as well.

[NMDemDist2]

4. IIRC it's to be phased in from Oct to next March depending on the CC comp.