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SUSAN TOMPOR: Advice for higher minimums: Stay in touch with credit card issuer
September 12, 2005 BY SUSAN TOMPOR FREE PRESS COLUMNIST For many consumers, it won't be easy to see the required minimum monthly payments on their credit cards go up by a sizable chunk this year. Some minimum payments could double, but others won't. How high payments will go will depend on spending habits, the size of the balance and the interest rate on the cards. "Every situation is different," said Jim Donahue, a spokesman for MBNA Corp. Credit card issuers are bumping up the required minimum monthly payments by the end of this year thanks to a federal mandate. Regulators were worried the old minimum payments were too low and put consumers and bankers at risk. I've heard from some consumers who say this deal is unfair. If you agree to one minimum, they argue, how can card companies change it? Well unfair or not, the issuers can and will make this change. Some alternatives So consumers must consider their options. Some ideas: • Start paying more money now to bring down your balance. And if you can, pay more than the minimum even after the new rules hit. If you keep paying a fixed amount -- say $200 a month on a $5,000 balance -- you'd pay off the debt in a few years. But it would take decades -- and cost you tons of interest -- if you just paid the minimum, said Greg McBride, senior bank analyst at Bankrate.com . See www.bankrate.com for credit card
calculators. • Talk to your credit card company if you won't be able to manage those new payments. If you've been a good customer, credit card issuers might be willing to move a payment due date by a few days. But call early. Don't wait until the bill is late. • Get help. But watch out for
mortgage lenders who say your best option is to
refinance your home to pay off credit card debt. Refinancing to erase credit card debt isn't always a great idea, especially if you have a hard time managing money. You could be putting your home at risk if you can't make the new
mortgage payments. "It's worse to lose your home than to miss a few credit card payments, frankly," said Gerri Detweiler, who runs Ultimatecredit.com . • Watch out for debt counselors who charge high fees. One nonprofit firm that has low-fee services is GreenPath Debt Solutions in Farmington Hills. Phone 866-648-8122 or visit www.greenpath.com . Don't try to pay less Whatever you do, don't play games. It might be tempting to send $75 when your new minimum payment is $150. But you're buying trouble. The Federal Deposit Insurance Corp. , the agency that insures bank deposits, notes that some consumers have been charged late fees of $35 or more when they made a payment on time but paid less than the minimum required. I called my credit card issuer and they told me that they'd charge me a late fee if I paid less than the minimum. What's worse: The credit card issuer may report the account as delinquent to credit bureaus. And a recent delinquency hurts a credit score. So get real and get ready for higher minimums. Contact SUSAN TOMPOR at 313-222-8876 or tompor@freepress.com .
Source: Yahoo_News