Watch where your credit card payments are going.

Is this happening to you?

"This means that credit card companies can apply minimum payments to balances with the lowest interest rates first, which many are doing. Discover and Bank of America, for instance, told Jen Stryker at Bankoholic that they are doing precisely this. The upshot for consumers, especially those who can make only minimum payments, is that it’s still hard to get rid of their most expensive debt."


Read more:

http://bucks.blogs.nytimes.com/2010/05/19/watch-out-for-a-credit-card-act-loophole/