Comments on: Credit Relief Act

By: Isa

Isa — Sat, 08 May 2010 00:04:28 +0000

I got my bill with the changes: it doesn’t look good.
Because I am retired and on a fixed income I can only pay so much a month but the card co. wants $70 more, which I cannot afford. I am getting depressed seeing that I cannot do any of the activities that make life worth living. I am considering bankruptcy but prefer not to. Is there anything out there that can help with this situation?
I’ll appreciate any/all advise.
Thanks for the info on your blog,

Isa

By: Jeffrey Kosola

Jeffrey Kosola — Wed, 24 Feb 2010 17:58:39 +0000

A $22 difference is so easy to pay that you won’t even notice. Just think if you tripled it to $66 extra, you’d be out even quicker. I’m glad your man is being more supportive. Make sure to tell him that he needs to get on board even more. The debt reduction efforts are not yours alone. Without my wife’s help we would not be making much progress. Good luck
Jeff

By: Stay at Home Mom CFO

Stay at Home Mom CFO — Wed, 24 Feb 2010 15:57:09 +0000

I think this will be the most positive change for most people too. I couldn't believe my eyes either. In my case it was $22 dollar difference between taking 3 years and 13 YEARS! Yikes! When I showed my husband, he suddenly became MUCH more supportive of all my debt reduction efforts. .-= Stay at Home Mom CFO´s last blog ..Where is the Personal Finance Blogger who FAILS? =-.

By: Forest

Forest — Wed, 24 Feb 2010 05:47:40 +0000

Sounds like a mostly positive change to me. I like the time of payoff bit too and also the counseling number….

Thanks Jeff,
Forest.
http://frugalzeitgeist.com
.-= Forest´s last blog ..Save Money On Printing =-.

By: Jeffrey Kosola

Jeffrey Kosola — Tue, 23 Feb 2010 17:59:08 +0000

@Ronnie and @Beckey76 VERY good points and that is some great news. I forgot to include the 3 year payoff amount in the post. Thanks for noticing and making it a point to comment on it. I’m sure a lot of people will start to pay the extra. I’m also sure that there are quite a few out there who will not make the sacrifices to pay the extra and continue to be in debt forever.

Great job, I’m glad you two are on top of it.

Jeff

By: Beckey76

Beckey76 — Tue, 23 Feb 2010 17:38:44 +0000

It does list the 3 year one too. The one I’ve seen so far said going from $44 – $84 that it will cut my length from 19 years to 3 years…I hope many people start paying more than the minimum. Even just $10 more a month will cut that down incredibly.
.-= Beckey76´s last blog ..January 2010 update =-.

By: Ronnie

Ronnie — Tue, 23 Feb 2010 16:06:13 +0000

Regarding telling how long it would take to pay off the card with the minimum, don’t they also have to tell you how long it would take to pay off the card in 3 years? I read that somewhere yesterday but I can’t find the blog, pfooey. One of my cards has implemented the new regulations, showing that if I paid the minimum balance it would take 14 years to pay off, but that if I paid $71/month, it’d be paid off in 3 years. The kicker? My minimum payment was $49! Pay an extra $22/month that you’d otherwise blow on you knows what, and save 11 years of your life. Now, that said, that card will be paid off by April, but it’s nice to see those numbers in real life.

By: Jeffrey Kosola

Jeffrey Kosola — Tue, 23 Feb 2010 15:38:09 +0000

I haven’t seen a new statement yet. I’m looking forward to what it says. I really want to see what the debt payoff date they come with is. Not that I’m worried about that debt will be finish soon, I’m just curious by nature.

By: Beckey76

Beckey76 — Tue, 23 Feb 2010 15:10:02 +0000

I like the new statements and cannot wait until I see it on all of our statements. Some have already implemented them, while others of course waited until the last minute. .-= Beckey76´s last blog ..January 2010 update =-.

By: Jeffrey Kosola

Jeffrey Kosola — Tue, 23 Feb 2010 12:44:11 +0000

Yes, I think it will be a little weird to see some of the changes. I’m glad the government is starting to help out. I still think that personal accountability must be taken from everyone in debt. People with high debt loads have done it to themselves (myself included). I’m glad that we only have one credit card with a balance, that will make it simply to watch.