Slowly but surely they are all raising the minimum payments. In fact, I was one of the people quoted in the article.
People who are struggling right now are really going to feel it, but if you can make the payments, at least now some of the money you are sending to the credit card companies will go to pay some of the principal.
Has anyone else heard about credit card companies raising the minimum payments from 2% to 4%? Here are a couple articles:
I wonder how much truth there is to this and if the credit cards will do this gradually. I’m freaking out over this. If this happens on all of our credit cards – we will have to somehow come up with another $600 a month! We are not incurring any more debt right now and are trying to pay off our cards, but this will not help! Any thoughts?