No wonder I'm losing ground!!!

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
No wonder I'm losing ground!!!
18
Thu, 03-11-2010 - 10:35am

I thought I was losing my mind previously as this game isn't working -- things are going backwards.


My stupid minimum payments keep on going UP -- well, DUH...no wonder I'm short money worse than ever.


I at first thought it was just my imagination and/or it went up because I possibly charged something.


I knew my Disney visa was due soon -- it's minimum last month was $343.00 -- I have NOT charged a single thing on it....so double-checked the min. again today thinking $350.00 would cover it.

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iVillage Member
Registered: 12-10-2003
Thu, 03-11-2010 - 1:01pm
I have a cc that has been doing that too. I was so happy to finally have the minimum payment fall below $400 and now it jumped back up to well over that amount yet the card wasn't used. This month's statement has a breakdown of how long it would take to pay off the balance if we only pay the minimum compared to how long it would take if we paid $630 a month instead. I have a feeling that they are trying to work the minimum payment up to that $630 amount instead of dropping the minimum as the balance falls. Very annoying and it makes it harder for budgeting!
Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Thu, 03-11-2010 - 1:17pm

It totally stinks doesn't it.

iVillage Member
Registered: 10-01-2008
Thu, 03-11-2010 - 1:28pm

Oh Becky, I'm so sorry.

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 06-02-2009
Thu, 03-11-2010 - 3:16pm

Just a question -- is this because they raised the percentage

Lila
Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Thu, 03-11-2010 - 3:33pm

Did they raise it AGAIN?

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Thu, 03-11-2010 - 3:38pm

No, no leads.

iVillage Member
Registered: 10-01-2008
Thu, 03-11-2010 - 3:45pm

If it's any help, I know exactly what you mean.

Norma


"Patience is the best remedy for every trouble"- Plautus


Community Leader
Registered: 07-26-1999
Thu, 03-11-2010 - 5:20pm

Becky, I was just reading an article that says that:


Since any amount above the minimum monthly payment goes toward the balance with the highest APR, some issuers raised the minimum payment up to 5% on a number of accounts.


That may be what ended up happening with your minimum payment.

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Avatar for colomom99
iVillage Member
Registered: 03-28-2003
Thu, 03-11-2010 - 5:36pm

Greeeat. I noticed my Citibank minimum went up a few dollars which I thought odd because I have paid slightly more than the minimum for a long time and it was steadily dropping. Last month I even paid it right after the posting date by mistake which should have helped but no. The others are still dropping or staying roughly the same.

This really stinks for people with a lot of cards and a lot due (like me) who are trying to target one card at a time. I am amused (without laughing) about the disclosures that say if you pay $600 a month instead of $250 or whatever you can pay off faster. Great in theory but frankly if most people had that kind of spare cash laying around they wouldn't be in credit card trouble to begin with. I am terrified of the idea they will jack up minimums to the "recommended" amount. We're sunk if they do. I've been whittling away at all of the cards trying to get the total minimum due down so I can budget and plan better. I was just starting to see progress with that and now this.....

It's seems kind of short sighted. If they jack up minimums so high that people can't pay them customers will default or declare bankruptcy and the companies will get nothing.

Jenny

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Thu, 03-11-2010 - 6:16pm

Ahhh...that could be it, so apparently they ARE jacking up the rates AGAIN.


I do agree that if they keep jacking it up so high you can't even pay it, that is without charging or adding anything to it, that pretty much leaves no option BUT bankruptcy.


I'm liking my Von Maur card more & more.

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