A very good news for the guys who are deep in credit card debt is that there has been a hike on the minimum credit card payment from 2 percent to 4 percent. As per reports in ABC7Chicago.com:
The once standard 2% minimum payment is increasing to 4% of the outstanding balance. This policy is made to lower the interest rate on outstanding balance along with reducing the payment period to 24 years from 26 years and a saving of around $8100.
The policy of a hike is introduced in this season as it is the season to shop for new homes, where your credit worthiness would determine the amount of loan that would be given to you. As per the reports:
Specifically, the debt-to-income ration which in turn impacts such important financial areas like credit and loan worthiness as well as the interest rates a potential lender might charge. This is particularly important if you are planning to start shopping for new home this spring or summer.
