Credit Card Changes Start Jan. 1

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If you're a credit card holder and you only make the minimum payment each month, you may be in for a surprise come January.

A new federal law requires credit card companies to increase minimum monthly payments starting Jan. 1.

The move is designed to help people escape from credit card debt faster.

For some card holders, the change will be good because it will mean they'll pay less interest.

But for the 11 million card users who only pay the minimum balance, it could point to a need to change the way they approach their credit.

There are options for people who can't make their payments.
Card holders can see a credit counselor and work out a payment plan, or get help from a bank.