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@Anonymous wrote:
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.
@Anonymous wrote:
@Anonymous wrote: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.
@Anonymous wrote:
@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
Exactly!