Banking regulators are recommending that credit card companies increase their minimum payments from 2% to 4% of the debt starting in January 2006. This change is designed to make consumers who only pay the minimums each month reduce their interest costs and pay off their debts faster. Borrowers who have a lot of credit card debt and are only paying the minimum each month may feel the pinch when this new policy goes into effect next year and should start rearranging their budget now.
Of course, paying the minimum amount due will still be a pretty terrible idea even after these changes are implemented.
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