Hear Me Now and Believe Me Later...
In fewer than 10 days, all minimum monthly payments for credit cards will become roughly 4 percent of your outstanding balance.
Right now, you are paying about 2 percent of the balance.
If you have a $2,000 credit card balance right now, your minimum monthly payment is somewhere around $45 a month.
Just in time for Christmas, your minimum payment will automatically jump to about $90 a month.
Oh, and Chapter 7 bankruptcy? The one where they forgive your debts? Bye bye! Gone after October 16.
Usury laws are also being dismantled.
Companies who issue you credit now can imitate your favorite Mafia loan shark and jack up your interest to astoundingly high rates, as high as 50 or more percent.
Consumers have until October 16, 2005 to file for bankruptcy under the current laws.
Good-bye, Clinton's surpluses and Hello, Bush's Great Depression.
Thanks, Bush and the Republicans.