For those of you who still owe your soul to the comapny store, the store just got a lot more complicated.
This story tells about the new minimum requirements
If you have a high balance on your credit cards, you may be in for a shock when the next bill comes.Within the next month, Bank of America, MBNA and Citigroup will raise minimum monthly payments on their cards from 2 percent of the balance to up to 4 percent, not including interest. Other card issuers are expected to make similar changes by the end of the year.
The good news is that the time it takes to pay off a balance will take much less time -- if you have the money to make the minimum payments.
"On the good side of that, they will get out of debt faster, but on the down side, it's gonna be a squeeze," Greg Burgess, of Compass of Carolina, told WYFF News 4's Tim Waller.
Credit card companies are under mounting pressure by the government to raise the minimum monthly payments to help Americans get out of debt more quickly. If you can't afford the increase, experts recommend that you contact your credit card company and try to negotiate a lower interest rate, which could offer some relief.
"Get help, stop and look. Because, basically, it's a hole that's being dug at the point, and it just gets deeper and deeper," Burgess said.
I also found out that credit card companies don't regularly update their credit records of you unless you ask, or if there is a problem. Odds are you can lower your interest by just asking. I did, and they cut mine in half because a few months ago Sears sent my small bill to the wrong address for 3 months and it effed up my credit. They resolved it, and fixed my credit, but my other cards already screwed me. Just call em, and they'll fix it.
