Credit Card Companies May Double Minimum Payments

The first of the year deadline has passed for credit card companies to start hiking up minimum payments. In some cases this could mean people will start paying double what their minimum payment was before. A new government mandate has forced credit card companies to raise the percentage on peoples minimum balance from 2 percent to as high as 4. The hope is to get people out of debt faster. So far, MBNA, Citibank, and Bank of America have announced they'll make the change. Other credit card companies are also expected to follow suit.