You may have noticed that your credit card payments have been on the rise.  So you may ask yourself why is this? In my previous article Credit Card Act of 2009 – How Will It Affect You? I explained the Credit Card Accountability, Responsibility, and Disclosure Act of 2009. This was signed by president Obama at the end of May and goes into effect the beginning of next year.

Credit card companies have been taking a proactive approach to the restrictions that the new laws will now place on them. They are tightening down the clamps and trying to squeeze every dollar that they can out of credit card holders.  Some credit cards that never charged annual fees are now beginning to do so.

In addition to pressure from the CARD Act the office of the comptroller of currency is putting additional pressure on card companies to increase minimum payments in order to encourage holders not rack up such high balances. It is very easy to become deeply in debt when your minimum payment is only $50 per month.

You will find that in the upcoming months your credit card minimum payments will be on the rise. It would be wise to make a plan to pay off those credit cards now if possible. If you find yourself in a situation where you can not make your minimum payment then it would be a good idea to consider refinancing using a balance transfer.