NFCU - every other month $0 minimum?

[Anonymous]

That’s pretty cool that they allow you to do that, I just was curious since there is nothing on the statement about it anywhere. It even has the minimum payment warning and the time it would take to pay off at the minimum. 

I don’t personally see the benefit in paying more interest but I guess for some people that could be a cool perk. 

[UpperNwGuy]

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@Anonymous wrote:

I don’t personally see the benefit in paying more interest but I guess for some people that could be a cool perk. 

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For people who are underwater financially and don't have enough money to pay, the benefit of being able to skip a credit card payment is pretty clear.  I was there once upon a time, and I never want to go there again.  I never had to file for bankruptcy, and after 2001 I never had late payments, but I struggled mightily to pay my bills each month, and my utilization rate approached 99%.  I've now been debt free for the last four years, and it is a wonderful feeling.  I will always be grateful to PenFed and NFCU for sticking by me in my time of financial irresponsibility.  I can't say the same about Bank of America or Citi.  NFCU's "skip a payment" months were a godsend.

[Anonymous]

I should have been more specific in saying that in my position where I am now, I don’t see the benefit. I had to file BK as a result of my own financial missteps and the way that BoA conducted business so I won’t let myself have any debt that I can’t pay off very quickly. If I have to finance it, I don’t need it unless it’s 0% and I have the ability to make much larger payments than necessary towards it. My entire view of credit and finances has changed from one of never having a budget and using credit cards like they were cash, including taking cash advances, to me having every single penny budgeted and accounted for when its spent and months of estimated budgets created in advance so there are no surprises. 

So yes, I can see the value for someone who is struggling, it’s just not a benefit for me. 

[AverageJoesCredit]

The best benefits are the ones you dont need but will be glad to have if you do