Comment about: Personal Finance News: Chase Increases Minimum Payments on Credit Cards
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| June 29, 2009 | | Don't Trust Chase | We moved a few loans to Chase's much touted "Lower Interst for Life" program. With the loss of work, it was a smart decision to keep us afloat while we recovered. We've been paying on time and without ever missing a payment.
Instantly, our minimum payment is now almost 3 times more a month.
After an hour on hold with Chase, I was told my option was to close the card and pay the balance immediately, or take an increase in the interest rate.
Estimates are 850,000 people, many on budgets as they try to make it through this economy, who are suddenly upside down.
It feels like bait and switch, it feels like extortion. It's Chase's way to make you pay a higher interest rate if you can't afford triple your monthly payment. Why did they offer a low interest for life program in the first place if they couldn't afford it?
Our family cannot afford the increase.. We have worked hard, tried to do the right thing instead of rolling over after unexpected problems. We were making progress and were proud of it. All that is for not, now. All becasue of this reprehensable action by Chase.
I will never trust them again.
Neither should you.
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