Minimum credit payments will rise

The Sacramento Bee reports:

If you're one of the 7 million Americans who make minimum payments on their credit card bills each month, watch out.

The smallest amount that consumers can pay on bank-backed credit card debt could double under federal guidelines that take full effect on Jan. 1. Meanwhile, new bankruptcy rules that kick in Monday will make it harder for debt-ridden consumers to wipe their financial slates clean.



"It's a double whammy," said Sacramento bankruptcy attorney Roman Rector. "People are going to have higher monthly bills and a harder time dealing with them."

Under the new rules, cardholders must pay enough each month to reduce the loan's principal by at least 1 percent.

We are predicting a different sort of Christmas.