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Minimum Credit Card Payments Increase
Posted By Jim On 01/21/2006 @ 7:36 pm In Credit,Debt | 3 Comments
Are you struggling to make ends meet? Are you drowning in debt? The credit card companies don’t care… and they’re jacking up the minimum payment you now much make from around 2% of your balance to 4%. Are the credit card companies evil? No, part of the reason is because they’re getting pressure by the Office of the Comptroller of the Currency and the new Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 . In that new act, credit card companies will need to post on your credit card statement how long you’ll be in debt if you keep making only the minimum payment. Well, news flash folks, if you just make minimum payments then you’ll be in debt the rest of your life.
If you find yourself in the second category, of barely making payments, you need to have a heart to heart with yourself and take an honest look at your finances. That and start reading the Carnival of Debt Reduction .
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 Bankruptcy Abuse Prevention and Consumer Protection Act of 2005: http://www.bargaineering.com/articles/new-bankruptcy-legislation-passes.html
 Carnival of Debt Reduction: http://mightybargainhunter.com/2005/09/07/carnival-of-debt-reduction-guidelines-and-schedule/
Thank you for reading!