>
>
> On Tue, 4 Oct 2005, Doug Henwood wrote:
>
>> Minimum payments are about to double, from roughly 2% of the balance
>> to 4%. A lot of people are going to be surprised - about 5% of CC
>> holders make only minimum payments.
>>
>> Doug
>
>
> For every credit card company? At the same time? Call me paranoid,
> but this has to be collusion, right? They couldn't all independently
> come to the same conclusion about the policy at the same time,
> could they?
>
Andrew Kahr is the evil guy who invented the minimum payment scam for the credit card industry. Before he sold them on the idea as a fat way to make money, the companies were reluctant to grant credit to marginal and lower income customers.
I noted this asshat's name because I was vicitimized by this scam for many years when I was younger. These days I have no credit cards, but I feel sorry for all the pain this increase is going to cause people who are already being pinched.
Chuck0