Tip for Dealing with Increases in Minimum Monthly Credit Card Payments
A number of credit card companies have announced plans to increase minimum monthly payments on credit card balances. Minimum monthly payments that are typically about 2% of your balance are expected to reach 4% in the near future. If this change poses a problem you might be interested in the following piece of advice:
From an article at Bankrate.com:
"I always tell people there are two sins: not paying, and not paying as agreed," says Cate Williams, vice president of financial literacy for Money Management International, in Chicago. Most creditors would rather opt for the latter, so give your credit card company a call to see if you can either negotiate a reasonable payment arrangement or reduce your interest rate. Otherwise, missing a payment can quickly have you fielding calls from collections agencies -- and at that point, no one will be willing to listen to you, says Williams.