You may have noticed that your minimum payments have increased in recent months since The messiah Obama enacted the CARD act earlier this week. The new legislation puts tight restrictions on the misleading practices of the credit card companies, tightening down the clamps and restricting the free market. As a result the credit card industry is fighting back in a big way. Just how big are we talking here? Have you looked at your credit card statement lately?
Credit card companies are doubling and even tripling your minimum payments, slashing credit limits and raising interest rates, adding to the many worries that millions of Americans already have. The law, which went into effect on Monday, is having a rippling effect across the nation as we see creditors doing whatever they have to in order to survive.
What can you do if your minimum payments have become so high that you are unable to pay them each month? The answer may be as simple as debt consolidation. There are plenty of companies out there that are willing to take on your debt and give you a lower monthly payment. Remember to check out all of your options and it’s always a good idea to consult with your financial advisor before making any decisions.
What do you plan to do with your tax return this year? Healthy Financial Habits wants to know. We have created a poll located at the bottom right of this page. Here you are able to vote to let us know how you are going to spend your money and also view the poll results.
Author: Mike Smitt