Into Debt We Will Go »
So "new" accounting rules (that are, in fact, about two years old) are being noticed, meaning that credit card companies will shortly increase that minimum payment on you. In some cases, it might as much as double - meaning that it will no longer take 40 years to pay off your card balance, but only 10. That's nice.
Meanwhile, mortgages are being extended to 40 years, allowing the new home buyer to pay interest only for the first 10 years. In one example, your mortgage payment goes down by about $100 per month, because of the longer life of the loan. Unfortunately, they interest paid goes up by more than 50%. Good work if you can get it, and the mortgage companies appear able to do just that.
