What is the minimum monthly payment on a credit card?

In Montana, the minimum monthly payment on a credit card is regulated by the Credit Card Responsibility and Disclosure Act of 2009. According to this law, the minimum payment must be at least $15, or 1% of the outstanding balance, whichever is greater. This means that if a person owes $100 on a credit card, the minimum payment they must make each month would be $1. The Act of 2009 also requires credit card companies to provide 45 days notice before increasing the minimum payment. This gives consumers ample time to adjust their budget if needed. However, it is important to note that making the minimum payment does not mean the debt is being paid off. It only means that a portion of the debt is being paid each month. Making only the minimum payment could result in a consumer being in debt for an extended period of time, as interest continues to accumulate. It is also important to understand that any payment received by the credit card company after the due date will be considered late. As a result, the consumer may be charged a late fee and that could also mean additional interest charges. For this reason, it is helpful to make sure all payments are made before the established due date each month. Overall, the Credit Card Responsibility and Disclosure Act of 2009 has set standards for minimum payments on credit cards in Montana. This law applies to all credit card companies operating in the state, and requires the minimum payment to be either $15 or 1% of the outstanding balance, whichever is greater.

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What is the minimum monthly payment on a credit card?

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