by a new federal mandate, card companies over the next three months
plan to raise – in some cases double – the amount card holders must pay
each month. A consumer carrying a $10,000 balance may see a minimum payment jump from $200 to $400.
The banks, oozing greed, piously claim are doing this to help the
consumer, because, the bigger the payments, the faster they will pay
off the debt, thus saving them interest! Hey banks, you want to really
help people, then stop charging loan shark interest rates of 25-30%.
And of course this new “federal mandate” is part of the odious new
bankruptcy laws the banks lobbied hard and furiously to get passed.