4 of 7
BACKNEXT
3) Higher minimum monthly payments
3) Higher minimum monthly payments
Banks are also demanding bigger and bigger minimum payments. Chase has bumped up the minimum payment for some consumers to 5% of the monthly balance from 2%.

For someone who carries a $5,000 balance, that means the monthly payment of $100 skyrockets to $250 -- a whopping 150% increase.

Consumer Union's Pamela Banks says her organization has compiled a wealth of anecdotal evidence that indicates such increases in minimum monthly payments are widespread.

"This is making payments virtually impossible for some people," she said. "It's throwing people off when they were living on a tight budget anyway."

Some good news is on the way, however. After February, card companies won't be able to increase monthly minimum payments by more than 100%. For example, a bank cannot increase a 2% minimum payment to any higher than 4%. And this so-called "doubling" will be allowed only once during the life of the card.

NEXT: 4) Fewer rewards

Last updated October 26 2009: 3:56 PM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
What being middle class means to me For some Americans, middle class means feeling secure. For others, it's just the opposite. More
The 10 most valuable global brands Apple has the most valuable brand in the world, up 67% over the last year, according to a BrandZ ranking. More
A life's work: Photos by Mary Ellen Mark The subjects of Mary Ellen Mark's photography ranged from celebrities to world leaders to those at the fringe of society, including prostitutes and the homeless. More

Special Offer