11-05-2009 10:41 AM
But I'm not going to wait until I have the exact money to purchase whatever it happens to be that I want or need at the moment, I will buy it and pay it off as I have always done, whether it is a PIF or some number of monthly payments.
I understand what you're saying, but keep in mind that there are better options than revolving a CC balance. For example, your local credit union will lend you money against your CDs & share savings accounts for just a couple of points over the rate that you're earning on your deposits. There's no credit check (not surprising - they're holding your money), approval is immediate & some CUs allow you to pay only interest for the term of the loan. When I have to borrow, this is how I do it.
Credit cards are just about the worst source of credit in the galaxy this side of a loan shark. Use CCs for the sake of convenience (& rewards), but look elsewhere for credit.
11-05-2009 02:30 PM
Exactly. I think a lot of people assumed that the entire monthly payment would be applied in a certain way.
I'm sure the credit issuers will take full advantage of all the benefits accorded them under the new law.
I think they would be stupid not to.
A publicly held company has the fiduciary duty to be as profitable as possible.
I was being a little sarcastic. I don't think most consumers think the new laws give 'benefits' to the credit issuers.
11-05-2009 05:42 PM
boireann wrote:Very tricky way of splitting hairs within the letter of the law. They've definitely found a way to keep making money off of those who don't PIF. Sneaky sneaky.
All the MORE reason to only PIF
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO