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Credit Card Minimums on the Rise

Do to recent legislation regulating credit card activities, credit card companies are going to be gradually doubling your monthly minimum payments. Currently, the minimum monthly payment is just 2% of your overall balance. While this means that you have low monthly payments, it also means that it will take from years to decades to pay off the balance if using the monthly minimum. Through the recent legislation, the minimum monthly payment will be 4% of the overall balance. This means you will get out of debt more quickly, if you are only paying the minimum.

If you are only paying the minimum now, and things are tight, watch out. This means you will need to budget for more money, each month, to pay your new monthly minimum payments. Do not get behind on your payments, it will affect your FICO score.

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