In the past, credit card payments have always been fair, a small percentage of the total balance owed. A new change has recently been proposed by the government that may change this. The monthly credit card payments that people are making may double within the next year. This will make things much harder for people who are already having a hard time making their existing payments.
How Much You Will Now Need To Pay
The credit card companies have made large profits by allowing people to make small payments on their credit card balances. The interest rate on credit cards has gone as high as 20%. At this rate, it can take a person years to pay off debts that are just a few thousand dollars. It does little good to make only the minimum payments on your credit card each month. Because the average American owes about $10,000 in credit card debt, their monthly payments are about $200. The new proposed law would push this amount to $400, including interest.
The law proposed by the federal government has been in existence for two years, but companies have been given a set period of time to comply with the law. It is expected that lenders will raise the payments to 4%...
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