I saw your response and thought you were just talking about your particular credit card but to my horror heard on the radio today that ALL credit cards are going to double the minimum payments. They say in the long run that it will help people pay down their debt quicker and make them think twice about their spending but in the meantime it’s going to be an extreme hardship on those who can only afford to pay the minimum.
Having said that, does anyone have any advice on either one of the following scenario’s:
1) deplete my savings accounts and pay off the credit card debt then focus on building it up again
2) get a consolidation loan from my credit union; pay off the credit cards and pay the loan off ASAP. (I was thinking that the loan would have a smaller minimum payment then the card).