Interesting Credit Trend...
I have 3 credit cards. 2 are personal and 1 is business personal (I use it for business and they reimburse after I submit)
The business one sometimes can carry as hight as a 10k balance. It is fine by me because I get all of the rewards stuff. 6 Months ago the minimum payment on this card at 10K was 175.00. (I have had the card for a few years, so it wasn't a special interest rate. Last month the card came back with a balance of 9100. My minimum payment is 350. Not an issue because my check from the company is coming. I am not a credit risk, and have never missed a payment on anything in my life. Folks that aren't in this position though are going to get killed with minimum payments doubling. Here it comes... |
The average payment on a credit card has jumped from 2% of your balance to 5%.
American Express has gone as high as 7-8% on some cards. |
Not only that but they are dropping credit limits on a lot of people too. Which is great ... the logic is soemthing like this:
1. This dude's FICO is borderline, let's drop his credit limit. 2. Dude's FICO drops because his utilization went up. 3. Goto #1 Glad I don't carry balances .... |
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