Credit Card Minimum Payments
Michelle Singletary writes a great column for the Washington Post clearing up the distinction between changes to the US bankruptcy law about to take effect and unrelated changes to credit card minimum payments resulting from pressures on credit card issuers from financial regulators.
I understand there will be times when folks can afford to make only the minimum payment. But credit card debt is an insidious thing. People intend to pay more each month, but life gets in the way and next thing they know they have a bill that will take decades to pay off. This move by the bank and thrift regulators to boost minimum payments is long overdue, just like many people's credit card accounts.
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