Chase Raising Minimum Payments Again
Well, it looks like Chase is back at it once again. We saw a few months back how Chase was jerking customers around and faced a class action lawsuit over it.
Now, Chase is back up to their old tricks, informing many customers who were promised a low interest rate balance transfer for the life of the balance that their minimum payment would increase from about 2% to a whopping 5%!
To put that in perspective for you, let’s use the example of a $10,000 balance. The old payment would have been around $200. The new 5 percent payment would be $500 every month!
Now, we all understand that Chase and other credit card banks are worried and are trying to protect their finances in these tough economic times. But, how many customers do you think can easily afford these huge increases in monthly payments?
Think about it Chase! It seems to me that you are causing many customers who would otherwise be fine to default and be unable to make their payment. Is driving your customers to file for bankruptcy or to seek debt settlement and credit counseling really the best thing for your bottom line?
What You Can Do
If you have been affected by the minimum monthly payment increase and cannot afford it, you do not have many options but you do have some. First, you can try to transfer the balance to a low rate credit card or personal loan. Of course, this option assumes that you have good credit and stable finances.
Another option is to get the help of a qualified, non profit credit counselor. I would recommend finding one through the NFCC or though stopccdebt.com.
A credit counselor can help you get benefits like lower interest and payments on your Chase and other credit cards.