Credit companies used to require customers to pay an average of only 2 percent of their total credit card balance… an amount that only covered interest and other fees. In other words, you’d spend your entire life paying the credit card company and barely put a dent in the principal balance. For people who pay only the minimum payment (which is 7% of Americans), the new federal banking regulations might seem like a big punch because you’ll have to fork over more money each month. Already, we’re dealing with higher interest rates and newer and tougher bankruptcy laws. So what’s up?

The new guidelines have been designed to HELP YOU. Minimum payments have risen to cover interest, fees, and (rejoice) at least 1 percent of your principal. You’ll never get rich making your minimum payments. Though with the new payment system, you’ll slowly pay off your debt if you depend on minimum payments every month.