DEAR CHRISSY: Are you familiar with the new development that is going in off Old Milton Pkwy - I heard its a new movie theater? - Bret
DEAR BRET: Actually the site off 1 million square foot site off Old Milton Pkwy and 400 just got approval for a new master planned mixed use development consisting of... read more »
Minimum Payments on the Rise!
Visit www.soldonsmyrna.com to learn more about how we sell your home –
and come back often as we update our site weekly with new information.
Just SOLD!!
Briarcrest
4 bedroom, 41/2 bath
$649,000
Vinings Voices with a Shout of Smyrna
WHAT’S IN YOUR WALLET? If it’s a stack of charge cards and you are one of the 70% of Americans that are carrying credit card balances, get ready for some unpleasant surprises.
It’s not bad enough that credit card interest rates are typically high and always non-tax deductible…but now, minimum payments are going up.
What’s behind the move? Pressure from Washington and guidelines from the new Bankruptcy Abuse and Consumer Protection Act of 2005 are causing credit card issuers to increase the minimum payment required by 50 to 100%. Washington has seen many consumers get further and further into debt, enticed by minimal payment requirements with little thought as to how long it will actually take to pay the debt back. Soon to be seen on credit card statements, full disclosure of how long it will take to repay the debt based on making the minimum payment.
And like a parent giving a child medicine, the new changes may not taste very good going down, but the results may be beneficial in the long run for the individual. Total interest paid will be cut by nearly 80% and the time to repay will be slashed by nearly 70%. However, there may be some negative consequences to this change, as some consumers will find the payment adjustment hard to swallow. The retail sector of the economy may be affected as well, as consumers may be less likely to purchase due to the increased minimum payment required when charging it.
This is important information for you to know because if you are in the process of purchasing a home or wanting to in the next year it could affect your ability to purchase a new home. If you are carrying a significant amount of credit card debt and your minimum payment increases, then it could reduce the amount of money that you could borrow.
FOR ADDITIONAL INFORMATION ON THE PROPERTY LISTED ABOVE OR THE TIP PROVIDED
PLEASE FEEL FREE TO EMAIL CHRISSY@CASTLESBYCHRISSY.COM OR CALL ME AT 404.925.5335
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