Reply
Established Contributor
Posts: 992
Registered: ‎05-14-2008
0

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
Community Leader
Epic Contributor
Posts: 28,098
Registered: ‎04-01-2007
0

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
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Chase Minimum payment

[ Edited ]
And they say used car dealers are unscrupulous...
Message Edited by creditwherecreditisdue on 08-21-2009 09:09 PM
Regular Contributor
Posts: 114
Registered: ‎03-17-2009
0

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
Posts: 720
Registered: ‎05-04-2007
0

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
Posts: 1,770
Registered: ‎03-11-2009
0

Re: Chase Minimum payment

It appears that the local loan sharks are actually looking better than the ccc's are now. :smileysurprised:
FICOS
TU 807 6/26/15
EX 808 4/17/15
EQ 826 7/1/15
NASA 30K / / Amex 25k / / Chase Freedom 10.6k// Venture 23K / / / / / SD'd US Bank Cash+ 20k, LOC 15k, In their final resting place, can you hear the sound of taps? Winners never quit, and quitters never win
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Chase Minimum payment


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

 

Banks can export usurious interest rates with legal impunity. Loan sharks cannot.
Valued Contributor
Posts: 1,770
Registered: ‎03-11-2009
0

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. :smileyvery-happy:

FICOS
TU 807 6/26/15
EX 808 4/17/15
EQ 826 7/1/15
NASA 30K / / Amex 25k / / Chase Freedom 10.6k// Venture 23K / / / / / SD'd US Bank Cash+ 20k, LOC 15k, In their final resting place, can you hear the sound of taps? Winners never quit, and quitters never win
Member
Posts: 11
Registered: ‎02-08-2008
0

Re: Chase Minimum payment

[ Edited ]
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
Posts: 1,668
Registered: ‎02-18-2009
0

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.

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.