Who was it that thought it was smart to raise the minimum credit card payment from 1% of the balance to 2%?
Posted on Jan 01, 2012 with Comments 0
mr_pycckui asked:
Yes, the idea was to force consumers to pay more to be able to get out of debt. And that is a good idea! Unfortunately the same rule applied to existing credit card accounts as well. So if somebody was on the brink of not being able to make more than the minimum 1%, then that would push them over their ability to make the payments, and they would have to declare bankruptcy soon there after. I know of several such cases! If you know of any similar cases please respond as well!
Yes, the idea was to force consumers to pay more to be able to get out of debt. And that is a good idea! Unfortunately the same rule applied to existing credit card accounts as well. So if somebody was on the brink of not being able to make more than the minimum 1%, then that would push them over their ability to make the payments, and they would have to declare bankruptcy soon there after. I know of several such cases! If you know of any similar cases please respond as well!
My suggestion is to go back to the 1% minimum credit card balance payment on existing credit card accounts, and have the 2% minimum on new credit card accounts only! What do you think?
Brooke
Filed Under: Other - Politics & Government
