Fairfax, VA - June 30, 2009 — Credit card issuers continue to make changes in credit cardholder agreements that have the potential for a tremendous impact on consumers. The latest action by one card issuer has increased minimum monthly payments for some customers from two percent of the balance to five percent of the balance. The Association of Independent Consumer Credit Counseling Agencies encourages consumers to review their credit card accounts and create a plan for how to manage any changes that might occur with their agreements.

"For consumers with large balances, a substantial increase in minimum monthly payments could be an immediate financial hardship," said Dave Jones, president, AICCCA. "Looking ahead and preparing for a change will give consumers the time to consider their options and make wise decisions regarding their accounts."

• Dust off your current spending plan or budget and assess your current financial situation. If you don't have a spending plan, now is the time to create one.
  
  
• Review your credit card accounts and determine if you could afford an increase in minimum payment or increase in interest rate.
  
  
• Read carefully all correspondence from your card issuers.
  
  
• Opt out of any changes that would cause financial hardship. Creditors are required to send written notice of changes to your cardholder agreement along with information on how to opt out of the changes if that alternative is available.
  
  
• Seek help early if changes in your credit cardholder agreement result in your inability to make minimum payments. An AICCCA member can review your financial situation and negotiate with your creditors on your behalf if necessary.