September 15, 2005
Credit Card Minimums Rising - a Taste of Things to Come?
According to a news report from Bankrate.com, MBNA, Citibank and Bank of America have announced that they are increasing minimum monthly payments on credit card balances from 2% to 4%.
Clearly the credit card companies understand that the forthcoming change to the nation's bankruptcy laws will leave more and more people unable to turn to bankruptcy as a way out of crippling unsecured debt. With bankruptcy soon to be unavailable to many middle class wage earners, there is no reason for credit card lenders to worry that raising the minimums.
What other surprises can we expect from banks and lending institutions?
Filed under Georgia Bankruptcy by Jonathan
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