Like it isn’t hard enough keeping up with all your bills, now MBNA, Bank of America and Citibank have announced that they will be raising their minimum monthly payments, in some cases by DOUBLE! (1) When this will start and how much your payment will go up all depends on your bank. Keep in mind, this does not mean that you are paying more interest. In fact, this actually means you will be paying less interest in the long run, which is why this change was made.

Unfortunately, paying twice as much for credit card payments is going to mean real trouble for some people. If you find yourself having a hard time meeting these payments, consider calling your credit card company to see if you can renegotiate your payment schedule or if they will be willing to reduce your interest rate. (1) Whatever you do, do NOT miss a payment, as this will spell a lot more trouble for you in the long run.

If you are still having trouble meeting your financial obligations, consider contacting some of the agencies out there to help, such as the Association of Independent Consumer Credit Counseling Agencies or the National Foundation for Credit Counseling.

(1) Got a credit card balance? Your minimum monthly payment could double in 2006. (2006). Retrieved Jan. 10, 2006, from Credit Health Newsletter Web site: http://partners.myfico.com/email/011006/