Did they get something right for a change?

[280plus]

I just got a new "agreement" from Discover. There is a federally mandated stipulation that they will apply any payment over the minimum to the highest interest rate balance first. The only snag I see is they say minimums are going to go up. By how much is the question. I welcome a chance to pay off some of those annoying little high interest balances they hold on me here and there. Has the .gov gotten something right? 

[Fly320s]

The changes are a result of federal regulation.  So, if that is your definition of "getting it right"...

[Balog]

I just got a new "agreement" from Discover. There is a federally mandated stipulation that they will apply any payment over the minimum to the highest interest rate balance first. The only snag I see is they say minimums are going to go up. By how much is the question. I welcome a chance to pay off some of those annoying little high interest balances they hold on me here and there. Has the .gov gotten something right? 

Isn't that pretty much what they do now? Also, raising minimums will most likely equal more defaults, so I hardly see how it's helping out people too stupid to specify where the $ over minimum they send in go.

[mtnbkr]

I hardly see how it's helping out people too stupid to specify where the $ over minimum they send in go.

You can do that?  It never occurred to me to ask since I've only seen that option spelled out for loans (auto, home, etc).  I haven't carried a significant CC bill in 5 years though.

Chris

[280plus]

No, up until now they paid off the lowest rate balances first and let the higher ones linger. That has always been my biggest beef. You could not specify anything, believe me I tried.

Yes, by "them" I meant the feds got something right for a change. Much as I'm not a big Dodd fan I guess I have to give this one to him.