[BlueMondaySkipper]

Boy, for a noob you're a veritable fountain of distorted information.

The "doubling" of minimum payments is a GOOD thing because over the long term it will vastly lower the amount you pay in interest.

As far as making it harder to declare bankruptcy, that too is a good thing. Why should the lender (and all of it customers via higher rates) be left holding the bag on bad debt?

[sedonaApps]

Yep, that info is false. My payments didn't double. The notice I got just said the new payments would be:

1% of balance
plus new interest owed
plus any late charges or fees

Pretty cool actually. For those that only pay the minimums, their balance will actually decrease. Though paying just the minimum is begging for trouble.

I can see how this would hurt people with high rates, but for low rate cards I haven't noticed a difference worth mentioning.