Comment Re:Oh no, the poor credit companies. (Score 1) 128
If I were to make a protect people policy around this, I would instead make a policy that minimum payments must pay down the card in x number of years (1 or 2). This would keep people's balances lower because though would get approved for as large a cap.
Just yesterday I happened to take a good look at the most recent statement for one of my CCs. On it, there was a section that told me that if I stopped using that card and paid it off with only the minimum monthly payment it would take 14 years to pay it off, and that I'd pay a total of over twice my current balance. Naturally, that's not what I'm doing, but I find it interesting that the company's required to tell you this every month (You don't think they'd tell you if they didn't have to, do you?) and that so few people bother to read it or act on that information.
Just yesterday I happened to take a good look at the most recent statement for one of my CCs. On it, there was a section that told me that if I stopped using that card and paid it off with only the minimum monthly payment it would take 14 years to pay it off, and that I'd pay a total of over twice my current balance. Naturally, that's not what I'm doing, but I find it interesting that the company's required to tell you this every month (You don't think they'd tell you if they didn't have to, do you?) and that so few people bother to read it or act on that information.