Your Credit Card Payment Is Rising: Warning Tips
Did you know your minimum credit card payment is rising? A new government program working to get Americans out of credit card debt is pushing credit card issuers to raise minimum monthly payments. Will you be able to make the higher monthly payment? Here are some tips for getting by. by Joel Walsh
If you're an American, your minimum monthly credit card payment may soon be doubling. If you're only paying the minimums now, you'll have to be careful to adjust your budgeting to pay more.
Who's Raising Your Monthly Minimum Credit Card Payment?
*Whose idea was it to increase credit card minimum monthly payments?
The Office of the Comptroller of the Currency, a bureau of the U.S. Treasury Department that has become more and more involved with reigning in the abuses of credit card companies. Yes, this credit card minimum payment increase was thought up by people trying to help you. *Who will be raising their monthly minimums? So far, some of the largest credit card issuers have agreed to the new standards. Bank of America has already been asking for the higher monthly minimum payment. MBNA, Citigroup (a.k.a. Citibank), Discover, and Chase (on some of its cards) will be breaking the news to their cardholders as Fall 2005 progresses.
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