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It is both a blessing and a curse upon the
debt-laden American consumer that credit card
companies are unilaterally doubling their
minimum monthly payments, often from 2% of the
total to 4%.
On one hand, a higher minimum forces the
consumer to cough up a bigger chunk of their
total balance owed, feasibly meaning that they
will remain in debt for a shorter period of
time. Of course, on the flip side, those
struggling with debt may find themselves unable
to meet the minimums on all their accounts, and
fall further in the hole.
Newly enacted laws will make credit card issuers
plaster a warning on your monthly statement
about how long you could be in debt by making
only minimum monthly payments.
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