What a load of crap. I had a $25,000 balance transfer at 4% interest per year with an automatic monthly payment of $450.00 per month. I've paid down $8,000 already. Now Chase wants to increase my monthly payment to $900.00 because they can't raise the interest rate. This is an impossible situation for me. I'm livid. I'm filing a complaint with the FTC. A lot of good that will do since what Chase is doing is entirely legal. Still, I suggest that everyone complain to the FTC. It's bait & switch.
go ahead , hike my rates , i stopped paying my credit card after maxing it out . and you the card companies can't do jack to me because it's UNSECURED DEBT haha , thanks for the free money ... oh and my credit score that you warn me will go down , what good is it now eh ? the market is in FLAMES , credit is about to go out the door for the next decade ... thanks for the xbox360 visa!
MarquisdeLafayett....lol...yea, I know what you mean...My best Friend maxed out all of his credit cards also....he got himself all kinds of dvd's and books on amazon and he went to Vienna Austria on vacation for 1 month and spend 12.000.- with his credit...he even rented a Ferrari there and had way 2 much "free" fun..lol....he is not planning on paying them back.....
Years later now, has this policy of increased minimum payments had any affect on the overall debt we carry? Probably not. I would argue that the overall credit card debt has increased and will continue to increase regardless of any changes, either legally binding or voluntarily, the banking industry makes.
credit card companies are like criminals. I decided to start paying off my credit card dedt in 8 month by paying $350 a month and 4 month later I saw my minimum payment drop to $15 form $150 . I'ts because they make more money if you always pay just a little at a time.
so true..i started paying off 3x minimum few months ago on a CC and the minimum went down to a rediculous 10$/ mnth..YOU CANT EVEN BUY A LATTE WITH THAT! they want to slowly bleed the payments out of u its more profitable for them!!!
Tetchcyn..yes you are right Credit Card Companies are evil alright!...there are not your Friends..and are only interested to milk as much cash from you as possible....we all should only pay cash for everything...
I found this video to be very informative, it breaks down something that can be very complicated to understand in a way that is extremly user friendly. Great job!
Everyone. Here's how you fix it
Take that credit card and cut it up.
CALL THEM and cancel the account.
Don't just stop using it because they are currently working on a new penalty charge for "NOT USING" your card.
They WILL get the message when 40 million people call them up and say NO.
They wont have a choice but to fix it.
When your money stops flowing into their pockets. They will hear you.
No violence. No weapons. No lawyers.
Just stop using the card and they WILL FOLD
Easy as that.
Davidbzm01 2 years ago
What a load of crap. I had a $25,000 balance transfer at 4% interest per year with an automatic monthly payment of $450.00 per month. I've paid down $8,000 already. Now Chase wants to increase my monthly payment to $900.00 because they can't raise the interest rate. This is an impossible situation for me. I'm livid. I'm filing a complaint with the FTC. A lot of good that will do since what Chase is doing is entirely legal. Still, I suggest that everyone complain to the FTC. It's bait & switch.
cityprof 2 years ago
liar liar, pants on fire. They increase your minimum payments AND raise your interest to 29.99% which they can easily do.
Why do people like to lie? Stop lying to us already!
solarisgalrocks 2 years ago
go ahead , hike my rates , i stopped paying my credit card after maxing it out . and you the card companies can't do jack to me because it's UNSECURED DEBT haha , thanks for the free money ... oh and my credit score that you warn me will go down , what good is it now eh ? the market is in FLAMES , credit is about to go out the door for the next decade ... thanks for the xbox360 visa!
MarquisdeLafayett 3 years ago 3
LOL @ marquis!
solarisgalrocks 2 years ago
MarquisdeLafayett....lol...yea, I know what you mean...My best Friend maxed out all of his credit cards also....he got himself all kinds of dvd's and books on amazon and he went to Vienna Austria on vacation for 1 month and spend 12.000.- with his credit...he even rented a Ferrari there and had way 2 much "free" fun..lol....he is not planning on paying them back.....
mastermoneystar 2 years ago
Years later now, has this policy of increased minimum payments had any affect on the overall debt we carry? Probably not. I would argue that the overall credit card debt has increased and will continue to increase regardless of any changes, either legally binding or voluntarily, the banking industry makes.
xvirg 3 years ago
Do you have a credit card?
CREDITCARDSUPERDEAL 3 years ago
credit card companies are like criminals. I decided to start paying off my credit card dedt in 8 month by paying $350 a month and 4 month later I saw my minimum payment drop to $15 form $150 . I'ts because they make more money if you always pay just a little at a time.
tetchcyn 4 years ago 6
so true..i started paying off 3x minimum few months ago on a CC and the minimum went down to a rediculous 10$/ mnth..YOU CANT EVEN BUY A LATTE WITH THAT! they want to slowly bleed the payments out of u its more profitable for them!!!
jaysmic24 2 years ago
Tetchcyn..yes you are right Credit Card Companies are evil alright!...there are not your Friends..and are only interested to milk as much cash from you as possible....we all should only pay cash for everything...
mastermoneystar 2 years ago
Very helpful!
thankx Scottbilker for this video.
ChelyLasVegas 4 years ago
any reason for the first 1min20 of this clip? what a waste of time.
roboplege 5 years ago
Because it directly pertained to the issue? It was just the intro material? What part don't you understand? lol
MichelleWritesSings 4 years ago
I found this video to be very informative, it breaks down something that can be very complicated to understand in a way that is extremly user friendly. Great job!
mahiaroha 5 years ago 2