The increase in credit card minimum payments that went in to effect this week is starting to gather some much needed media attention across the country. Everyone seems to be waking up to the reality of what doubled minimums actually mean to consumers.
Most reporters are praising the increase as a positive move to stop consumers stuck in debt "treadmills." Others are worried about the timing of the increase and the potentially harmful combination of this change with the new bankruptcy laws. The verdict’s very much still out on this new credit card industry policy. Here are some of the notable jurors:
David Lazarus – San Francisco Chronicle – David’s column for the San Francisco Chronicle highlights the good, the bad and the ugly of the increased minimum payments. The best part? Comparing the current government deficit to American credit card debts:
This is the fourth time that the free-spending Bush administration has
required authorization to increase the country’s credit limit, which was less
than $6 trillion when Bush took office…A word of advice to our friends in the White House: Making only the
minimum payment will increase the interest you pay and the time it takes to
repay your balance.
Kristin Arnold – Bankrate.com – Kristin’s article takes a neutral approach in talking about the credit card minimum increases. The best part? A breakdown of the minimum payment system for the top creditors including Citi, Chase, Capitol One and MBNA.
Richard Burnett – Orlando Sentinel – Richard’s article is full of interesting statistics and facts about rising minimum payments. The best part? According to his article, as many as 75 million cardholders are paying only the required minimum or close to it each month.
Adrienne Mand Lewin – ABC News – This article tackles the issue from the money-strapped consumer’s standpoint. The best part? Tips for making ends meet this winter when facing higher credit card minimums and utility costs.
Share your opinion or story about doubling credit card minimums with CreditBloggers today! Also, read more about how to deal with increased payments in our recent post.
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