The Consumerist [1]and the LA Times [2] 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.