MBNA raising minimum payment??
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MBNA raising minimum payment??
| Mon, 09-26-2005 - 10:35pm |
I just got my MBNA bill, and there was an insert saying that, starting with the December '05 statement, there will be an increase in minimum payments, from 1% up to as much as 5% of the total balance! Ack! I've got a balance of $11,500, so my minimum 'could' be (if they ask for 5%) as much as $575!! Oh Gosh, that's not good at all. I have GOT to make this my target debt. My mortgage loans will hopefully be merged in my upcoming refi, and my car payment just is what it is for now, but the card balance has to go. I'm hoping I'm one of the lucky ones who gets to pay only 1% of their minimum balance. That gives me the opportunity to pay more when I can and the minimum when I can't.
Pat

I have MBNA too so I'll probably get the same love letter. I think, tho, that you have the option of closing the account and keeping the original payment percentage. It might be something to ask about.
Megan