Chase to raise monthly minimum from 2%to 5%

Discussion in 'General Discussion' started by Tango3, Jun 27, 2009.


  1. Tango3

    Tango3 Aimless wanderer

    Dailykos:
    Bailout recipient chase is tryingto beat the impending feb 2010 credit card regulations. By raising minimum monthly payments from 2% to 5%now; reading the comments and replies on this is enlightening, Being a stingy bastard I've never maxed out a card and minimum payments over $1000/month are startling. [beat][beat]
    http://www.dailykos.com/storyonly/2...Preying-on-Consumers-before-Credit-Law-Starts
     
  2. ghrit

    ghrit Ambulatory anachronism Administrator Founding Member

    Hoo, Boy!! Once again comes the question: Can you afford it? If you NEED it to cover expenses, you are asking for trouble.
     
  3. CRC

    CRC Survivor of Tidal Waves | RIP 7-24-2015 Moderator Emeritus Founding Member

    I haven't used a Credit Card in almost 3 years, and it's a tremendous freedom...If I can't afford it? I just don't do it....The temptation is there, and sometimes it's really really hard to not use it...but I haven't yet. :)
     
  4. tacmotusn

    tacmotusn Mosquito Sailor

    Well T3 the way I see it .... if someone's 5% minimum payment is $1000 they are carrying a $20,000 balance on a credit card. Something is wrong with that picture. It is not good personal economics, and possibly reflects bankruptcy or default in the near future. ..... and I think the Bank is wise. JMHO of course [dunno]
     
  5. QuietOne

    QuietOne Monkey++

    The credit card companies know that the unemployment rate is skyrocketing. They're trying to squeeze the last drop of blood from their customers before they go into bankruptcy. Since many folks are using their credit cards for daily expenses this will push them over the edge. Short term profit, long term disaster.
     
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