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Your Credit Card Payment Just Doubled!

Several major banks including MBNA, Citibank and Bank of America have announced that they will be doubling their minimum monthly payments on credit card balances from 2% to 4%! Others are expected to follow in the upcoming months.  This can be good or bad, depending on your current financial situation.
As mentioned in previous newsletters, the life of a credit card debt can last over 20 years if not paid off right away. By changing to a higher percentage due for the minimum monthly payment, consumers are forced to get out of debt faster and pay off fees, interest and at least a portion of the principal each month. Consumers will finally get away from the never ending revolving debt cycle. This sounds like great news! Or is it?
There is another side to this "great news". If you are a customer that is barely (or not!) making that minimum payment each month, this could put you and many others in way

over your head. For the majority of you, this will be difficult. Most consumers do not have the funds to pay off high credit card debt or even make their minimum payments each month. With these significant changes to the minimum amount due, any credit card balance will pose a big threat to your financial situation.
If you've been carrying a big credit card balance and suddenly need an extra couple hundred dollars a month to make your minimum payments, now's a good time to examine your finances.
If you have already determined you are budgeted to the max and still need extra cash to pay off that debt, call Fisher Mortgage for your free consultation!
Call one of our experienced loan officers today at (847) 573-1234 or (800) 939-4495 to see if we can help before it's too late!