Minimums Due on Credit Cards Are Increasing
Jane Kim reports for the Wall St. Journal on increases that credit card issues are making to the monthly minimum payment amounts due in response to federal regulatory pressures to do so.
The moves by credit-card issuers are in response to guidelines issued in 2003 by federal bank regulators, who expressed concerns that competitive pressures have led to an easing of minimum-payment requirements in order to keep cardholders' balances high, according to Barbara Grunkemeyer, deputy comptroller for credit risk at the Office of the Comptroller of the Currency, which helped develop the guidelines.
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