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The Consumerist and the LA Times are both reporting that Chase Bank is taking a new approach to charging its customers more money. Instead of raising interest fees and earning extra over the long term, Chase is raising the minimum monthly balance of loan payments. At a time when people are struggling financially is Chase trying to force its customers to default and incur fees and charge the "default" interest rate. How long before the other banks and credit institution adopt this strategy (if they haven't already) to put more of a strain on the public.
I realize the financial institutions are upset about the recent legislation but how is making credit unaffordable to the public really going to help fix the economy, sure it means more money for Chase in the short term, but even Chase must realize that harming the public in the short term will continue to have a long term impact.
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lawsuit
Let me know if anyone finds an attorney who can sue on this matter. Thank you.
chase card raising minimum payments
They are targeting people who have a locked in low interest rate until-it's-paid-off-deal. They don't like the good customers who actually pay on time and therefore manage to keep that 3.99 %, 4.99% etc. rate long term. It is just sick that these banks are whining about people not paying their credit card bills, but when they have reliable customers who are doing just that-- they pull this stunt to make the payments so high- just hoping that people will go into default and then be boosted up to the default rate. I managed to keep my 2% minamum payment by agreeing to raise my 3.99% rate to 7.99% for the next 2 years and then return to the standard rate for purchases after that. These terms I was forced to accept in order to keep the payment affordable and save my credit rating. It was blackmail pure and simple on Chase's part- I find it hard to believe that this is legal - it is certainly not moral!
chase raising minimum monthly balance
After bailing these banks out with billions of taxpayer money they now show that NOTHING in their thinking and attitude has changed: it is still greed, and greed only that guides them, without any shame or morality. Obviously the method is working, as they can start paying back the government - which is probably why the government doesn't go up against it - and pay some nice bonuses again. All of this on our back. Let's make our voices heard and make them heard everywhere, nationally and internationally speaking out against this practice!
raising the payment
go aheadd and raise it. Now I have to think about bankruptsy. Hae no choice, can not afford the high payment
My lawyer is working on my case. thank you chase
Chase raising minimum payments
Is it legal for Chase to do what they are doing? I kept my part of the deal. I paid at least the minimum, but actually alittle more every month, always on time. It seems to me that they are breaking our contract by doing this and they are forcing me to accept.
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