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What is the effect of credit card companies lowering their monthly minimum payments?

April 26, 2017companies credit card lowering minimum PAYMENTS

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What is the effect of credit card companies lowering their monthly minimum payments?

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Minimum payment requirements have been falling from 3%-5% five years ago to 1.5%-2% recently. When you make only minimum payments, the result is a significant increase in interest assessed and the time frame required to pay off your credit card.