Incredible. Just received my statement raising my min payment due from 2% to 5% on a $75,000 balance.
Called customer service who stated that they had the right to do that based on the contract. I told them that when they extended the credit it was funny that they made a big point of telling me that they were recording the terms of the agreement and what the default rate was should i miss a payment.
I wonder why they "forgot" to mention they could raise the min payment?
They also stated that they sent out two letters advising of the increase. Strange that I didnt receive either letter.
I am 70 yrs old and on a fixed income. I've budgeted for this payment not a 3% increase.
What extortion! There is no way I can make the new payment which will put me in default, ruin my credit rating and INCREASE my debt by placing me in the default category.
This is absolutely horrible and Im helpless to do anything about it.
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