If you haven't seen higher minimum credit card payments yet, you will.

Many people are confused about what's happening and why.

In the past, your minimum payment was 2 percent of your total balance, which usually barely covers interest and fees.

Now, the formula for figuring your minimum has changed.

It's good for the consumer in the long run, but it could be a shock on a monthly basis.

Federal banking regulators now say that minimums should cover interest, fees and at least 1 percent of the total principal. Bankrate.com reports that each credit card issuer has a slightly different formula. For instance, Citigroup card customers' minimum fee is interest, fees and 1 percent of their balance. Capitol One customers' minimum payment is 3 percent of their balance.

The good news is you'll to pay off your debt sooner, and ultimately pay less in interest.

The bad news is you're being hit with higher minimums.

If you're having trouble paying the minimum on your credit card, contact your credit card company. They're usually willing to work with consumers.