Americans have gotten themselves so far into debt that the federal government has stepped up to the rescue. I heard on the local news a few weeks ago that South Carolinians can soon expect to see the minimum monthly payment on their credit card accounts go up. The Comptroller of the Currency recently set new guidelines for minimum monthly payments. The new guidelines require that minimum monthly payments on credit card accounts cover the interest and fees accumulated during the month as well as at least some of the outstanding balance. So brace yourself, ye who have become comfortable with the 2% of the total balance minimum payment requirement; your minimum monthly payment is about to double.
The up side is, someone is looking out for you and has hope that you will actually pay off your credit card balance(s) within your lifetime. The downside is that the new, higher minimums could put you in a financial bind if you are already stretched to the limit.
To read a press release about this new requirement go to: http://www.cccs.net/media and click on the press release dated 6/13/2005.
"I place economy among the first and most important virtues, and public debt as the greatest of the dangers to be feared." - Thomas Jefferson
Written by Sandy Davidson, The Debt Stopper Coach
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