By now, if you have a credit card, you’re probably already well aware that the credit card’s minimum monthly payment is increasing. As a person with debt, and a previously bad credit record and someone who is now in the process of that repair, I have to ask… Is from 2% to 4% enough? Is it enough to deter someone from getting a credit card? Is it enough to encourage debt to be resolved earlier, with less interest being paid to the banks?
Sure, depending on your income compared to your level of debt, this increase may be difficult to swallow at first. Take a look at the big picture though, and you’ll clearly see the only person that this law is really supposed to be hurting, is the banks.
My suggestion, look the challenge the law has thrown your way in the face, and fight back. Start by recognizing that this really is in your favor, and try to increase your payments on your own. Increase them at a rate you’re comfortable with. Even an extra $5 will benefit you. try for $10 more the next month. You’ll relieve much of the stress and burden debt has pushed onto you, and you’ll be glad you did.