Information on Debt consolidation counseling credit

Did you know your minimum credit card payment is rising? A new government program working to get Americans out of credit card debt is pushing credit card issuers to raise minimum monthly payments. The debt consolidation credit counseling Will you be able to make the higher monthly payment? Here are some tips for getting by. The debt consolidation credit counseling by Joel Walsh If you're an American, your minimum monthly credit card payment may soon be doubling. The debt consolidation credit counseling If you're only paying the minimums now, you'll have to be careful to adjust your budgeting to pay more. The debt consolidation credit counseling Who's Raising Your Monthly Minimum Credit Card Payment? *Whose idea was it to increase credit card minimum monthly payments? The Office of the Comptroller of the Currency, a bureau of the U. The debt consolidation credit counselingS. The debt consolidation credit counseling Treasury Department that has become more and more involved with reigning in the abuses of credit card companies. The debt consolidation credit counseling Yes, this credit card minimum payment increase was thought up by people trying to help you. The debt consolidation credit counseling *Who will be raising their monthly minimums? So far, some of the largest credit card issuers have agreed to the new standards. The debt consolidation credit counseling Bank of America has already been asking for the higher monthly minimum payment. The debt consolidation credit counseling MBNA, Citigroup (a. The debt consolidation credit counselingk. The debt consolidation credit counselinga. The debt consolidation credit counseling Citibank), Discover, and Chase (on some of its cards) will be breaking the news to their cardholders as Fall 2005 progresses. The debt consolidation credit counseling How Much Will Credit Card Minimums Increase? For many credit cards, such as MBNA and Bank of America, the new rates mean that monthly minimum payments will double. The debt consolidation credit counseling *Right now, the monthly minimum payment is only 2% of the balance on most of these cards. The debt consolidation credit counseling The new rate will be around 4% (the actual number may vary from card issuer to card issuer). The debt consolidation credit counseling This means that if you have the average American credit card balance of about $10,000, your minimum monthly payment will go from $200/month to $400/month. The debt consolidation credit counseling *Of course, if you have any additional fees, whether a late fee or a cash advance fee or any of the other fees that the credit card guys cook up, you will have to pay that, too. The debt consolidation credit counseling