Dont let them fool you. All those solicitations you receive in the mail for credit card applications are meant to reel you in and hook you. Big time. In addition, new bankruptcy laws in the US and higher monthly minimum payment requirements are in place to help stem defaults on loans and to force consumers to pay down debt quicker. All of this sounds great, but credit card companies want to keep you in debt as long as possible. Please read on for all the stimulating details.
If you have had problems in the past paying down debt, do not think for a moment that you will have it any easier in the future. Thanks to legislation introduced by Congress and signed by the president earlier in 2005, filing for bankruptcy to escape debt has become more difficult. Much more so. In addition, credit card companies have raised your monthly minimum payment levels, in some cases doubling the minimum amount you must pay. Consider this last step a side issue related to the new bankruptcy legislation; the credit card companies are not legally obligated to raise minimums but they were pressured into doing so in exchange for passage of the new bankruptcy law.
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