Credit card companies have been given the OK by federal regulators to get more of your money each month, according to WCAU-TV in Philadelphia.

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The minimum payments on your credit cards might be about to double.

That means you will pay down your debt faster, but if you're already stretched, this is going to hurt.

Currently, you have to pay at least 2 percent of your total balance. Now, the credit card company will be able to double that to 4 percent.

"Without going to another credit card, they're going to have to do a lot of budgeting," said Patty Hasson, of the Consumer Credit Counseling Service.

Making that payment is more important than ever. If you are late, your interest rate could skyrocket. If you get in too deep, the option of bankruptcy is going away for most people in five months, because of new bankruptcy laws.

"The average household in the United States has about $8,000 in credit card debt. Again, they're going to have to come up with another $160 in their monthly budget and figure out a way to reduce other items to pay back credit card debt," Hasson said.

Where can you find that extra cash?

• If you are getting a big check back from Uncle Sam this year, it might mean you can adjust your withholdings and put more money in your pocket right now.
• Ask your credit card companies to lower your rate.
• Small changes such as bringing your lunch to work and renting fewer DVDs can save you 10 to 15 percent of your income.
• See a credit counselor.

If you have drastic debt, it calls for drastic measures. Here are some examples:

• Moving to a cheaper house.
• Giving up one of your cars.
• Giving up vacations, vices and other big-ticket indulgences.