It's everyone's fault but mine .... don't give me advice just send me MONEY!
The only part of this post that is NOT a lie;
A couple try to give help and one, I think, understands that this couldn't be the first late;
OP DUmmie is staying away from that post as well as any post suggesting it call the Attorney General or its Congress Person .... I suspect DUmmie doesn't want to call anyone who would really need to know; How many lates do you REALLY have and how far behind ARE you.
KC
Sigh.
Suppose you have a $10,000 balance on a credit card...I'm picking a high amount to illustrate a point. At the DUmmy's stated 14% interest, ignoring any new fees, the interest hit is $10,000 * (.14/12) = $10,000 * (.011667) = $116.67. This is not the monthly payment, but it's a component of it. Now suppose the rate bumps to 30%. The monthly vig is now $10,000 * (.3/12) = $250. Yes, that's a lot, but on the other hand I picked a large principal amount.
The point is that, in either case, the minimum payment is probably 4% of the total, or $400 in this example. The amount going to interest is just greater.
So why would a DUmmy claim that they can't meet the increase in interest? Increases in the interest rate are just an annoyance - all you have to do is make the minimum payment. Now, if the increase in interest increased the minimum payment, then the idiot doesn't owe enough to worry about, anyway.
Moral: don't borrow money from credit card companies. And live within your means. And don't blame others for your own stupidity.
