So, are all CC companies raising their..

iVillage Member
Registered: 08-15-2004
So, are all CC companies raising their..
3
Sun, 08-14-2005 - 9:48pm
rates? I've heard this mentioned here and there on this site, but haven't got all the details. Can someone please explain this to me??
Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Mon, 08-15-2005 - 1:44am

There is all sorts of information floating around out there about this topic.

All my best,
Danni

iVillage Member
Registered: 03-27-2003
Mon, 08-15-2005 - 10:22am

The answers differ based on your amount of debt and the interest rate. Some companies have chosen to increase minimum payments across the board-I believe there are 3 at least including MBNA. Others have chosen to increase minimum's only on those who aren't paying enough to touch the principal. Our cards are with Chase and they've taken that approach so since our minimum is well above the interest paid each month we're not seeing an increase YET. I take this with a grain of salt and am pounding away at our debt so that if they do increase the minimum our budget can handle it.

Taleyna

iVillage Member
Registered: 10-13-2004
Mon, 08-15-2005 - 1:50pm

It looks like my interest rate is going up a point as well on my credit card as of this month. I am too trying to pound away at my debt to handle the payments within my budget.

Lorrie