While it's true that I have a balance on my credit card right now, based on date incurred, it isn't due yet;I haven't yet changed cycles so won't have to pay for awhile yet. I may have two additional purchases but am still being very careful with my card.
As changes imposed by Congress are coming up, Credit Card companies are doing what they can now to make more money. The mistake may have been leaving too big of a gap in passage and implementation of legislation. I don't expect changes in my terms; I have a fairly high interest rate and a low credit line with my credit union. Credit card defaults reached record highs in May and aren't going down any time soon.
I'm very happy not to have default as a possibility. At least not with my credit cards.
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