Credit Card Monthly Payments To Rise - KLTV.com - Tyler, Longview, Jacksonville |ETX News

6/15/05-East Texas

Credit Card Monthly Payments To Rise

If you make the minimum payment on your credit cards each month, get ready to pay more.

New guidelines from the federal government could double your monthly payments. That means, instead of paying only 2 percent of your balance, you'll have to pay up to 4 percent of it.

That would cover interest and fees, and make a dent in your outstanding balance.

Financial advisors say the new policy will force consumers to make wiser spending decisions and get out of debt faster. But some people would rather have more freedom to spend.

Julie Tam, reporting. jtam@kltv.com

 

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