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dogscoff said:
*Gasp*. My 0% interest rate would double to... 0%.
And then when this "introductory" rate runs out in a few months and they hike it up to 19%, I'd have to go and find another introductory 0% rate...
Shop around, and transfer your balance regularly. When I'm not paying 0%, I'm rarely paying more than 3%- that's less than either my bank loan or my mortgage.
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Its the minimum payment on the balance you owe,that is being increased, not the interest rate. tears ago the minimum was 1/30th of your balance, then it was lowered to 1/40th. It was actually a marketing ploy for the CC companies to make more money.
in fact it turns out the guy who came with idea was also the guy who came up with 0% introductory rate. It to is a gimmick clever one at that. Its 0% if you payoff the balance in time frame the rate is in effect. if you don't pay off entire balance by that time your charged for that interest at the rate it would have been without the offer.
But your right,if your trying to pay off Your CC debt you need to shop around and switch cards, the kicker is don't cancel your oldest cards, you lose the credit lose the credit histery associated with them (unless its bad to begin with) which hurts you when your credit history comes in to play.
in regards to Payday loans, in virginia its come up several times the 600% figure is valid, some screwy loop hole in the state law.