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Chase Minimum payment

Established Contributor

Re: Chase Minimum payment

I think many folks are getting sidetracked on what the CCC's are asking.  A 2%/mo repayment will take over 4 years to pay off (ignoring interest).  That is a pretty long time to pay off an unsecured loan.  Now the CCC's want you pay off the loan in a bit under 2 years (20 months).  I don't think this is being unreasonable, two years to pay off a debt that is unsecured sounds reasonable to me.  My take would be that if you can't swing that plan you probably took out too much debt.  That hurts for sure, but I don't feel the CCC's are unreasonable to expect to be paid back in a couple of years.  Times have changed for many reasons and the banks want their money back in an expedient manner.
Moderator Emerita

Re: Chase Minimum payment

IMO, if someone can't pay down a balance a 5% per month, they are WAY overextended. The only time I have carried a balance was on a 0% BT, and I divided the balance by the BT term and paid much more than that, to make sure that I wouldn't get caught at the end.

This is not to say that I don't sympathize with those who were barely making it at 2% and suddenly had the rules changed, because I do.

I think we've all learned an awful lot about the real world over the last 12 months or so. It's all very nice to say that all this was there in the fine print, and the consumer should have realized, but there was a lot of smoke and mirrors in that fine print. I'm a reasonably intelligent person, and I squint and read the fine print as best as I can with my 54-year-old eyes, but I was surprised to find out how many tricks the CCC's could get away with that are completely legal.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Senior Contributor

Re: Chase Minimum payment

And they say used car dealers are unscrupulous...
Message Edited by creditwherecreditisdue on 08-21-2009 09:09 PM
Regular Contributor

Re: Chase Minimum payment

Clyde Barrow and Bonnie Parker would have been very fond of Chase. People during the Great Depression hated the banks and that is why people took all their money out. I am sensing the same feelings these days. Banks have gotten way to big. There is a long term price to pay for jerking people around. There will be repercussions for these big Mega banks. Time will tell.
Established Contributor

Re: Chase Minimum payment


Watchmann wrote:
I think many folks are getting sidetracked on what the CCC's are asking.  A 2%/mo repayment will take over 4 years to pay off (ignoring interest).  That is a pretty long time to pay off an unsecured loan.  Now the CCC's want you pay off the loan in a bit under 2 years (20 months).  I don't think this is being unreasonable, two years to pay off a debt that is unsecured sounds reasonable to me.  My take would be that if you can't swing that plan you probably took out too much debt.  That hurts for sure, but I don't feel the CCC's are unreasonable to expect to be paid back in a couple of years.  Times have changed for many reasons and the banks want their money back in an expedient manner.

Actually, if you consider interest and those who choose to pay only the minimum, it makes your point even more valid. A $5000 balance at 2.99% with a 2% minimum payment each month could take more than 15 years to pay off. With a 5% minimum payment each month, it could still take more than 7 years to pay off ...

Valued Contributor

Re: Chase Minimum payment

It appears that the local loan sharks are actually looking better than the ccc's are now. Smiley Surprised
FICO 08
TU 839 11/11/17
EX 833 11/11/17
EQ 837 11/12/17
(NASA 30K) ( Amex 38.6k ) ( Freedom 10.6K ) ( US Bank Cash+ 20k, LOC 15k ) Winners never quit, and quitters never win
last app 5/15
Senior Contributor

Re: Chase Minimum payment


Imhotrodcrazy wrote:
It appears that the local loan sharks are actually looking better than the ccc's are now. Smiley Surprised

 

Banks can export usurious interest rates with legal impunity. Loan sharks cannot.
Valued Contributor

Re: Chase Minimum payment


creditwherecreditisdue wrote:


Banks can export usurious interest rates with legal impunity. Loan sharks cannot.


Hmmmm, I think I will take my chances with the local loan shark, IF I ever need any money, which I doubt. Smiley Very Happy

FICO 08
TU 839 11/11/17
EX 833 11/11/17
EQ 837 11/12/17
(NASA 30K) ( Amex 38.6k ) ( Freedom 10.6K ) ( US Bank Cash+ 20k, LOC 15k ) Winners never quit, and quitters never win
last app 5/15
Member

Re: Chase Minimum payment

IT is not what I signed up for,and itis not what I AGREED to. What part of all i have wriiten do you not understand? I have tried to be polite ,but only a few like you want to stir the pot., but thanks to all others who did  see it for for it really is.This is a reply to usmc58555
Message Edited by bredan on 08-23-2009 02:03 PM
Valued Contributor

Re: Chase Minimum payment


bredan wrote:
IT is not what I signed up for,and itis not what I AGREED to. What part of all i have wriiten do you not understand? I have tried to be polite ,but only a few like you want to stir the pot., but thanks to all others who did  see it for for it really is.This is a reply to usmc58555
Message Edited by bredan on 08-23-2009 02:03 PM

 

Oh I missunderstood then. I am sorry.

 

If they are breaking your agreement that you signed feel free to pursue the matter with an attorney. A quick letter from him should be all you need to get them back into compliance with the contract you signed.

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