Credit Card Debt Declines as Some Rates Rise

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and avoid the late charges. Credit card companies can automatically deduct the minimum payment from your checking account.
Just call their customer service and they will send you the forms.
This is a good idea due to the fact that many of them are also reducing the amount of time you have to pay the bill.

LW of NY 9:23AM July 12, 2009

The late fees are the worst part of credit card payments. They charge an unreasonable amount and it should be limited!
http://money.boomja.com/

JO of CA 12:18AM July 12, 2009

before credit card provided lot of opportunities to people but now it is not able to provide opportunities to people. and people are also not interested towards credit card.

helen merry of AL 1:23AM July 11, 2009

Wow, those are some interesting examples of how the credit industry is changing- thanks so much for sharing. It sounds like everyone needs to be extra vigilant right now, and pay their bills on time.

Kimberly Palmer of DC 10:58AM July 10, 2009

I'd always gone to Chase with balance transfers as they seemed to always have a good rate. Transferred 4K in last 2 months, only to have Chase advise me a couple of weeks ago, they were increasing my min. payment by 2 1/2 times! No way I can afford this! I may as well just quit paying now. No matter what I do, they ensuing penalties and late charges will overwhelm me. They apparently can legally make my credit look horrible when its always been very good. I don't see any way out!
Anyone have any ideas?

SouPac of MO 10:35AM July 10, 2009

We canceled all our cards, balance and aLl. There is no good way to play the credit report/credit score game anymore. They are indiscriminate when jacking up rates, cutting lines and canceling cards. Used to be, if you were a good customer, paid on time, paid your bills, you had nothing to worry about. Now it's more like credit roulette, and with the companies raising interest and cutting lines, they are affecting peoples' credit scores at no fault of that person's own. The credit union is a good suggestion as one person said if you need credit. Credit cards will become a thing of the past though.

Orange Crush of FL 8:46AM July 10, 2009

I used to have quite a number of credit cards through Chase over the years, but after I received a notice a few weeks ago advising me that the interest rate on my Speedway SuperAmerica MasterCard was being increased from 13.24% to over 19%, I knew it was time to cut my relationship with Chase. My credit scores average around 790 and I was able to secure a new VISA card with my credit union that has an interest rate of 7.9% for both purchases & cash advances. I always recommend credit unions to friends & co-workers. At least credit unions did not require a bail-out from the American tax-payers!

Cowboy John of MN 7:16PM July 09, 2009

My dad had his Chase minimum payment increase from 2.5 percent to 5. It's killing the poor guy's budget.

Phil Villarreal of AZ 6:47PM July 09, 2009

I have been a customer of Chase for many years and have enjoyed the benifits of a low rate and fixed rate card. I was notified by a flyer in the mail that they are changing the way the figure the minimum payment due per month from 1.5% to 5% per month. I have always been current on my payments and actuall made 3 to 4% payments over the last 8 years. but 5% is way over what i can afford . I called them but they said even if i closed the account it would still be figured at the 5% level is this fair to the good paying customer who over the last few years has made them a lot of money? Is there anyone out there listening? how about our congress?

C. R Aikin of WV 5:11PM July 09, 2009