Credit and Banking Industry News - This Just In!

This Just In:

Some major Credit Card Companies such as: Chase, AMEX and the like have been changing the monthly minimum amount of cash you can pay them for their high balance customers.

The minimum amount you usually pay on your balance is about 2% of the entire balance. Now the Major Credit Card Companies (b.k.a Banks that charge ridiculous interest rates to suck us dry of our hard earned money) are raising that balance to 5%. You say, "that's not that bad!" Well, if you weren't the sharpest knife in the drawer when it came to your math lessons, let me break it down for you:

2% on a $5,000.00 balance is $100.00
5% on a $5000.00 balance is $250.00. A monthly difference of $150.00.

If you have a balance of $20,000.00 you could see your monthly minimum payment go from $400.00 to $1,000.00 at once. Not gradually. The worst part is the banks are not informing the people. They're not changing the interest rates. Just the amount of the minimum monthly payment.

This really effects the people who have switched all their credit card debt to one major card in hopes of controlling their debt and lowering their payments. Now that their debt is centralized it makes their balance(s) higher than usual.

Most people are not being fore-warned. Check with your credit card issuers and make sure this won't happen to you.

Be blessed.

by: Kyree H. Shaw, Editor
The Cash and Asset Report.com