Interesting Credit Trend...
 

I have 3 credit cards. 2 are personal and 1 is business personal (I use it for business and they reimburse after I submit)

The business one sometimes can carry as hight as a 10k balance. It is fine by me because I get all of the rewards stuff.

6 Months ago the minimum payment on this card at 10K was 175.00. (I have had the card for a few years, so it wasn't a special interest rate.

Last month the card came back with a balance of 9100. My minimum payment is 350. Not an issue because my check from the company is coming.

I am not a credit risk, and have never missed a payment on anything in my life.

Folks that aren't in this position though are going to get killed with minimum payments doubling.

Here it comes...

The average payment on a credit card has jumped from 2% of your balance to 5%.

American Express has gone as high as 7-8% on some cards.

Not only that but they are dropping credit limits on a lot of people too. Which is great ... the logic is soemthing like this:

1. This dude's FICO is borderline, let's drop his credit limit.
2. Dude's FICO drops because his utilization went up.
3. Goto #1

Glad I don't carry balances ....

Not only that but they drop your credit limit and then charge you a fee for being over the allowed limit.