Minimum Payments On Credit Cards Going Up
Eileen Alt Powell reports for the AP on increases in the minimum payment amounts due on credit cards.
The changes being phased in this year are the result of a directive issued by federal banking regulators, including the Treasury Department's Office of the Comptroller of the Currency, in 2003.
Barbara Grunkemeyer, deputy comptroller for credit risk, said the regulators were concerned that when the minimums were set too low, consumers' payments were barely covering the interest and fees on the cards and not making a dent on the principal amount that was owed.
Stumble It!
Add your comment... (note that all comments are reviewed before they're published)