Thursday, May 21, 2009

I'll Take it!

Jim Flaherty's announcement today of a 21 day mandatory grace period on new credit card purchases is welcome news from my perspective. My bank actually got ahead of the curve, there was a notice on my last statement that they would increase the grace period to 21 days.

About 12 years ago, when I first got my credit card, there was a 21 day grace period on it. Then they dropped it to 19 and then I believe 16 or 17 days. Each time they dropped it was a major adjustment because I had become used to paying the bill at a certain time each month, that usually coincided with my pay check. At the time, the changes were a royal pain in the side, and almost resulted in my having to pay interest.

Now I don't need to worry about that happening again, and if I miss a payment it will be my own fault.

Good news if you ask me.


Ray K. said...

Whose fault was it before?

Patrick O'Neil said...

LOL - Touche.