Has Your Minimum Payment Increased?
I recently got a phone call from a credit card holder who said that his bank increased the minimum payment due each month on his card even though his balance had not increased. He could not understand why.
This morning, I came across an item in the Consumerist blog that piqued my interest. The author, Phil Villarreal, writes about how his father was notified by Chase that his minimum monthly payment would go from 2.5 percent of his total balance to 5 percent. That could be a budget breaker for his dad, Villarreal writes.
I'm now wondering if this is a trend. It's something I plan to look into. Have any of you out there had a similar experience? If so, please let me know.
June 30, 2009; 1:53 PM ET
Categories: Credit Cards , Nancy Trejos
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