April 06, 2006
Do you know the new minimum payment standards?
Though there was an increase in credit card minimum payments in the recent past, many people are still unaware of the practical details of this change. For starters, the new standard payment is 1% of the outstanding balance, plus all current finance charges and any other fees. Msnbc.msn.com reports:
The upshot is that there is a relatively new mandate for credit card issuers, and it's designed to help borrowers pay off debt more quickly. For some issuers, this means increasing (but not necessarily doubling) minimum payments. For others, it means no change at all, if the company's current policy meets the requirements.
Read more: Good Credit Card News Overstated
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