[20080404]RS22352_信用卡最低付款额.pdf

1 As opposed to charge cards which require the full balance to be paid each month.2 Some issuers may calculate the minimum payment as a percentage of the outstanding balance plus any finance charges, late fees, or other fees, issuers may use a flat fee, and others may use(continued.)Order Code RS22352Updated April 4, 2008Credit Card Minimum PaymentsPauline SmaleEconomic AnalystGovernment and Finance DivisionSummaryRevolving credit cards generally require a minimum payment for each statementperiod. The creditor uses a fixed percentage or formula to calculate each monthsminimum dollar amount. Low minimum payment requirements have been challengedby consumer advocates as a contributing factor to the mounting credit card debt held byU.S. households as they raise the cost by extending the time it takes to pay off the credit.Guidelines on credit card lending, issued in January 2003 by four federal regulators ofdepository financial institutions, were critical of the general easing of minimum paymentrequirements by credit card issuers. The guidelines, issued because of safety andsoundness concerns, communicated expectations of more prudent practices. Inresponse, credit card issuers began ad