Credit card payment increase to begin??

iVillage Member
Registered: 04-18-2003
Credit card payment increase to begin??
5
Tue, 01-03-2006 - 10:07am

Could anyone explain to me this credit card payment increase?

Sheri Ann

iVillage Member
Registered: 03-27-2003
Tue, 01-03-2006 - 10:17am

I can try but I would also suggest looking online for news articles. The credit card industry changed their standard from minimums being 4%+ to 2% and under in the last decade or so (my husband knows the precise dates). This meant that some individuals were paying less each month by paying the minimum than they were accruing in interest. Congress mandated this couldn't happen...so many credit card companies are increasing their minimums. Where the picture becomes more difficult is that not all companies were charging the low minimums, and not all customers had the same interest rate, etc., etc. so each company has approached this differently. So, short answer is that it is possible that all your credit card companies will double. Long answer is that it depends on customer and company and you might want to call the companies and check.

Taleyna

iVillage Member
Registered: 04-18-2003
Tue, 01-03-2006 - 10:27am

Thanks, yes I did look online & it didn't look good.

Sheri Ann

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Tue, 01-03-2006 - 11:24am

Hi there Sheri Ann.

All my best,
Danni

iVillage Member
Registered: 04-18-2003
Tue, 01-03-2006 - 11:52am

I'm off to read it right now, thank-you so much, that's more than I could find!


Sheri ANn

Sheri Ann

iVillage Member
Registered: 12-05-2004
Tue, 01-03-2006 - 2:12pm


My payment went up, but not nearly as much as I thought it would. I have over 9K right now as a balance, and my minimum used to be $62.00. This month, it went up to $148. More than double my old minimum, but still less than I thought it would be. MBNA had sent me a notice in my normal statement in October saying minimums could be raised to as much as 5% of your balance, which for me would have been between $450 and $500! So I was pleased with the $148, and I hope it doesn't go up further. :-D

Pat