Credit Card Minimum Payments

I just heard a news story on TV that reported the federal government is requiring credit card providers to double the minimum payments on outstanding balances from their consumers.

First, this is a great thing.  Seriously -- how great would it be if credit card companies required payment in full from month to month?  We all have probably seen those charts that show how much money is actually spent if only minimum payments are made -- it's ridiculous.

The best part of the story, though, was a reporter who interviewed a few people to get their reactions as to what they thought of this new law.  Some guy's (not too bright) response: "I think it's a bit ridiculous ... it's just another way to gouge the consumer."  Is this guy serious?  The government is stepping in and basically saying, "You people making minimum payments are dumb, digging yourselves deeper and deeper (and we have the stats to prove it!). You're not going to like this, but it's for your own good."  Kudos.

Doubling minimum payments ... if that's a hardship for someone, they shouldn't be making the purchases to begin with.
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