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8/28/2009

Sun JournalA warning to all those credit card holders who pay just the minimum amount due each statement: Your monthly bill is probably going to increase, if it hasn't already.

Several major card issuers - including Citibank, MBNA and Bank of America - have raised or in the coming months will raise the minimum payment required of their cardholders.

The reason: In 2003, the federal Office of the Comptroller of the Currency, part of the Treasury Department, issued guidance requiring banks to have their monthly minimum payment cover interest, any fees and paying down principal. But some institutions are just now implementing the changes.

View the full article.