Keep in mind that credit card issuers are beginning to raise monthly minimums from 2% to 4%. This is a good thing. It forces those who carry balances to pay them off quicker.

However, it goes without saying that more than a few folks are living month to month and will be hamstrung by any hike in minimum payments. And the credit card companies didn't just fall off the turnip truck. They realize the impact this change will have and mobilized their lobbyists to push through the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. It takes effect October 17, 2005.

Forewarned is forearmed.