Written By: Karen Deis
It's the payment increase "heard around the world".
In the 12-20-2005 issue of this ezine, we reported that credit card companies have increased the minimum monthly payments. This was not a fluke - they were required to do so by law - but it's affecting consumers in a big way.
Think about the debts column on every 1003 you have ever completed. Your average client has an average of 3 credit cards. The minimum monthly payment on each credit card is $100 for a total of $300 per month. With the new requirements, their credit card payments are now $600 per month.
It's a cashflow issue and it's a great opportunity for you to review your files and contact your past clients.
This article provides you with a copy of a 12-21-2005 article that appeared in USA Today and a link to another story to print and send to your clients along with the letter provided in the following related article, "Huge Refinance Opportunity for Loan Originators - Credit Card Payments Expected to Double".
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