minimum payment question

Discussion in 'Credit Talk' started by me, Aug 11, 2000.

  1. me

    me Well-Known Member

    I am wondering if credit card companies are willing to decrease the minumum payment percent. Most of the cards I have use 2% of the balance as the minumum payment. However, I have one the requires 2.7%. Can they make the percent lower if I ask?
  2. JP

    JP Guest

    Generally the only way they will lower the minimum payment is if you are in financial trouble. As a rule, I generally suggest you pay at least 10% of the balance each month.

  3. creditwork

    creditwork Well-Known Member

    JP, totally agree. You should avoid making just the minimum payment. If you just make the minimum payment, it could take a lifetime to pay your debt off and you will pay a lot more in interest than the principal amount. The 10% rule works great.

    Profit from the experience.
  4. me

    me Well-Known Member

    Actually, I usually pay well over the minumum payment.

    This card is from my local bank. When I finish paying off all my debt, this is the card I want to keep. However, I want to pay off the card with the highest minimum payment percentage payment first, and this happens to be the one with the highest minimum payment percentage. I would like to pay the minumum on all but one card (until I get that card paid, then I will move to the next card)

    It is not a question of me not being able to pay it.

    Also, I need to decrease my debt to income ratio in order to obtain a private education loan so that I can finish my degree.
  5. Michael

    Michael Guest

    Pay off the card with the highest interest rate first!

    Why are you looking at paying off the highest minimum payment card first???

    This should be a no brainer!
  6. portercm

    portercm Guest

    I have an Aria card with a $1000 limit and I have used that limit up. They ask for $5 minimum payment, LOL if I sent them the $5 they wanted as a minimum payment I will be paying this card off after my great grandchildren have children. (I'm only 23) So what I do is give them like $50 or $60 instead of the $5. I'm surprised they just wanted $5. LOL
  7. Michael

    Michael Guest

    Of course those crooks want only $5.00 if you understood how accounting proceedures in a bank work.

    As long as your payments are made you are a good account. Your also paying 25% or so interest rate. So make the payments and your an asset, enriching the banks profit statement. All this is is a creative bookkeeping trick!

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