Everywhere you look, people are paying with plastic. But some of us are living beyond our means, with several thousands of dollars sitting on our credit cards.

With high balances like that, a lot of people can only afford to make the minimum payment while their debt and interest continues to pile up.

So, under pressure from the federal government, a number of banks and credit companies are raising their minimum payment rates from roughly two percent of the total balance to four.

How does that break down? Well, cardweb.com says the average American owes about $9,200 in credit card debt. If you're only making the minimum payment of two percent every month, you're paying about $180.

But if that rate goes up to four percent, your new minimum amount will be heftier: $368.

The change is raising eyebrows -- especially among cash-strapped college students.

Yet financial advisors say, this rate increase is a good way for people to dig themselves out of debt and a good reminder for all of us that nothing -- especially not money -- is free.