Yes, the gov’t did that. They say that the reasoning is that people take 30 years plus to pay if they just pay the measley 2% minimum balance, so they are doubling it to get consumers out of debt sooner.
Some companies have done it already. Others have not yet.
Haven’t tried to negotiate it with any of ours. None have doubled the minimum due.
Hi everyone, This is my first post to this blog and I have been paying close attention to the invaluable information everyone is posting. I have a question for anyone who knows.
Is it true that the gov’t mandated credit card companies to raise their minimum payments recently? My co-worker says that companies that used to charge two percent of the total balance will now start charging 4%. If that is the case, can anyone tell me how sucessful their were in renegotiating that.
I am one who has very small balances and I’ve been struggling with the monthly payments