Federal Government has passed a law requiring credit card companies to double minimum payments.



The Federal Government, hoping to cut down on the number of people filing for bankruptcy , has decided raising credit card payments will help people get out of debt quicker. The Feds has also made filing for bankruptcy near impossible to do. So people already struggling to pay the minimum payments are now faced with having to pay twice the amount they are paying now, with no hopes of being able to file for bankruptcy to help there situation. So, what can people do to get out of the financial problems Non homeowners will be forced to go with debt consolidation services and homeowners will refinance there homes and payoff there debts. The main problem with the new law is its not going to help people the way the government hopes. If you cant afford the minimum payments how are you going to afford to pay double Your already in the situation the Government needs to find away to get people out of there current situation then enact the new law.





Federal Government has passed a law requiring credit card companies to double minimum payments.