Credit Card Minimum Payment Rising

[studog100]

I just was told that it is going from 2% to 4%. Anybody heard about this or no more info on this?

 

[skiwee1]

I didn't realize there were minimum percentages at all. We pay it off each month so what is the difference between 2and 4%? No biggie.

 

[Laurajean1014]

Hmm. I pay mine off each month.

Did you get a letter in the mail from your bank/card owner? Did you hear about this on the news?

You can negotiate your monthly payments and your interest rates with the card owner, banks/owners won't tell you this but if you ask, you will get.

 

[mudnuri]

it's a federal law change ALLOWING this not requiring....some cc companies are NOT changing.....generally they will higher credit risks

best option is to call your cc company and ask them

Brandy

 

[disneylizzy]

Yes, it is true. It is so people can pay off their cards quicker even if they only make the minimum payment. I think it is a good idea. I think the banks/credit card companies might have been forced into it in return for the new bankruptcy laws that make it harder to get rid of credit card debt by declaring bankruptcy.

 

[Nancy]

I have had credit cards that have a low minimum payment and some that have a very high minimum payment. I have a store charge that had a $50.00 minimum payment on a $300.00 balance. Way more than 1 or 2 %.

 

[PamOKW]

Article on Credit Card Payment Increase

Here's a pretty good article on the subject. Sounds like the credit card companies are being strongly encouraged to make the minimum payment fees, interest and 1% of the balance.

 

[marlasmom]

If you can't pay off your card in full, I would urge that you make higher payments, 10% if possible. Otherwise you get overwhelmed with interest and rising debt.

 

[DVC Jen]

Glad we paid all our credit cards off last month.. evil evil nasty things.