Life on Financial Edge to Get Tougher
Consumers using high-interest credit cards are about to get an unpleasant letter in the mail: new bankruptcy regulations require creditors to collect minimum payments which pay off debts faster than their high-interest credit cards build it. This is certainly a sound practice for debtors, who could end up paying credit card companies indefinitely under previous minimum payments, but for some debtors, who are barely making minimum payments as it is, this new rule may push them over the edge to bankruptcy. Unfortunately for these consumers, the new bankruptcy regulations also make filing for chapter 7 more complicated and expensive.
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