Credit card companies raise minimum payment - WALB.com, Albany News, Weather, Sports

Credit card companies raise minimum payment

January 16, 2006

Albany - Prepare to pay more when you get your credit card bill this month. Under pressure from federal regulators, many of the major credit card companies upped their minimum monthly payments.

The minimum payment now will average about 4%, which means your payment may double. With bankruptcy at an all time high, the change is expected to reduce the massive amount of credit card debt in the country.

To reduce debt, cut back on your spending. Remember even small expenses add up over time. Limit the number of cards you have since more cards usually equals more debt. And consider seeing a credit counselor. They can help you make a plan to pay off your debt.

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