BEWARE!

 
Your credit card payment just doubled

The credit card companies have raised minimum payments from 2% to 4% of your balance, meaning you'll get out of debt much quicker. Here's how to cope until that day.

Good News: Credit card companies are doubling their minimum payments.

Bad News: Credit card companies are doubling their minimum payments.

So far, MBNA, Citibank, and Bank of America have announced they are doubling minimum monthly payments on credit card balances from 2% to 4%. Others are expected to follow suit quickly. To some card holders, that could be seen as a good thing. To others it could be devastating.

If you can handle the increased payment its good. Lets face it, if you pay only 2% minimum each month, your debt would probably last longer than most marriages. Doubling your minimum might put you back on the financial straight and narrow. Presumably designed to help consumers get out of debt faster, the increased minimums will force cardholders to pay off fees, interest and at least a portion of the principal each month.

But if you simply can't make that doubled minimum month after month, it could put you and many other debtors in over your head. (Remaing Report Content In VIP Access Area)

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