New Federal Guidelines Increase Credit Card Minimums

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INDIANAPOLIS—Credit Card Holders who carry a monthly balance will begin this month to see higher minimum payments as a result of new Federal guidelines.

Credit Card issuers say instead of a two percent minimum, consumers will now see at least a four percent minimum each month. However, some credit card holders may not see an increase because the payments they are making are already going toward a reasonable amount of principal.

Bedel Financial Consulting in Indianapolis President Elaine Bedel says Hoosiers should take steps to get out of credit card debt by using a line of credit or refinancing their mortgage to get cash to pay off credit cards.

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