Electronic Cash News

Credit card issuers are increasing minimum monthly payments for their customers. In recent years, credit card minimums averaged about 2 percent. Now Federal banking regulators are directing credit card issuers to raise their credit card minimums to around 4 percent. For people that only pay minimums on their credit card bill, they may be in trouble. If their minimum was $100 on a credit card, now it will be $200.

The good news about this change in credit card minimums is that consumers will pay off their credit card debt sooner. Long-term this will help people to not get into deep debt. Short-term this change in credit card minimums may spell disaster for consumers that can only pay their credit card minimums. See TBO.com posting Credit Card Minimums To Increase - from TBO.com for more details.

Electronic Cash News Related Links: Consolidate Debt | Your Credit | Mortgage Refinancing Options | Credit Card Offers

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This entry was posted on Saturday, October 15th, 2005 at 6:33 pm and is filed under Electronic Cash News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.