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Is legislation pending that would double the minimum monthly credit card payments?
I have recently heard statements (on the radio) indicating that the government is considering legislation which would require credit card companies to double the minimum monthly payments in an attempt to force consumers to reduce their credit card balances. I personally think that this would put many consumers "over the edge" financially, especially those that are barely hanging on as it is. This will cause many individuals to default causing them to incur dramatically increased interest rates and penalties from which they will NEVER recover. This will be the final straw that breaks our economy's "back". Does anyone have any real information about this?
1 Answer
- bdancer222Lv 71 decade agoFavorite Answer
Several years ago there was legislation that required minimum payments cover the interest and fees and some of the principal. Before this legislation, the minimum often didn't even cover the interest. So the debt would never be paid off and actually increased.
Many people are going to find their minimum payment increased due to increases in the interest rate. Many credit card companies are also decreasing limits and in some cases closing accounts.
