Minimum Credit Card Payments are going up. Yes the pain will be felt world wide on this one.
New federal guidelines that require significantly increased monthly minimum payments will hit second half of this year. What does this mean to you as someone who carries a balance? Your minimum payment will go up. But let me give you more details…
How does this affect the borrower and the bank?
You monthly payment goes up. This means if you can barely make your minimum payment now, it will get much harder to make the minimum payment in the very near future.
Banks don’t like this not because it will force more people to pay off their debt faster but because it will mean more people will default on paying there debt.
“Banks will not only have increased losses, but reduced revenue as well,”
So please if you can start paying off your credit cards as soon as you can. Don’t let this new law force you over the edge into Bankruptcy.
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