Credit Card Minimum Payments On The Rise

The minimum payment on next month?s credit card bill could be almost double what you were required to pay this month due to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. How will higher credit card minimum payments affect your family?s finances, and can your mortgage advisor help you avoid financial hardship or even bankruptcy through cash out refinancing, a second mortgage, or a home equity line of credit?
Credit Cards can be powerful financial tools when used properly. However, if you?re like 35% of our fellow Americans, you are only paying the minimum payment each month, at least according to the Federal Government Office of the Comptroller of the Currency. Federal regulators are currently pressuring major banks, including major issuers View the rest of this article