Banks increase monthly amount due on credit cards [View All]

Don

http://www.shreveporttimes.com/apps/pbcs.dll/article?AID=/20050326/NEWS05/503260333/1064

Banks bump monthly amount due on credit cards

March 26, 2005

Gannett News Service

<snip>That's a good thing, because the credit card arms of two major banks -- Bank of America and Wachovia -- have increased the monthly minimum payments customers must pay. snip

But for the millions of Americans carrying credit card debt, the banks' move could be costly. snip

She said the change from 2 percent of the balance to 4 percent of the balance would translate into the monthly amount due for a client with $9,000 in debt going from $180 a month to $360. snip

But for those who might be more overextended with $20,000 in credit card debt, that monthly payment will change from $400 a month to $800 a month.

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