I recently received a notice of change to my Chase account . "YOUR MINIMUM PAYMENT DUE WILL INCREASE FROM 2% TO 5% OF THE ENDING BALANCE. " In other words, this account's monthly payment will go from 200.00 a month to 500.00 a month. There is NO way I can pay this amount. I am on a fixed income with considerable debt. I have 3 credit cards with Chase alone, not to mention, a mortgage. How can they do this and do they have a Hardship program? If and when they raise the rates on my other 2 cards from Chase, I will be in serious trouble. I have exemplary credit and have had all my adult life. I am in dire straits right now. Please advise . Thanks

They have a hardship program and a debt management program. Call them and explain your situation. They don't know about your dire straights and also know that by making it worse, they are less likely to recover their money.

This is their way of notifying you that they no longer wish to have you as a customer.

Mimi, got the same notice yesterday. Called them and yes they do offer a hardship program at a higher rate and fixed pyments BUT you won't qualify until you cannot make your payments-- trashing your credit and costing you more $$$. They told me they were doing this only on the accounts with the low fixed rates. Because they were no longer profitable. I called my US Congressman, Rodney Alexander this morning and suggest you do the same--- if we can get this into the mainstream media won't Chase look like the big bad wolf at a time when the economy needs people and corps to be sensible. Just a note--the new bankruptcy laws allow credit card issuers the right to attach your property(your home) if you file bankruptcy-- what percentage of Chase's "Preferred" customers do you think own or are buying their homes verses renting? They are out to recover there money OR cause you to have to pay a higher interest rate on what you have already borrowed (making them more in profits) regardless of the hardship placed upon the customer.

Refinance with a different financial institution

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Originally Posted by rickoden

Mimi, got the same notice yesterday. called them and yes they do offer a hardship program at a higher rate and fixed pyments BUT you wont qualify until you cannot make your payments-- trashing your credit and costing you more $$$. They told me they were doing this only on the accounts with the low fixed rates. because they were no longer profitable. I called my US Congressman, Rodney Alexander this morning and suggest you do the same--- if we can get this into the mainstream media wont Chase look like the big bad wolf at a time when the economy needs people and corps to be sensible. Just a note--the new bankruptcy laws allow credit card issuers the right to attach your property(your home) if you file bankruptcy-- what percentage of Chase's "Preferred" customers do you think own or are buying their homes verses renting? They are out to recover ther money OR cause you to have to pay a higher interest rate on what you have already borrowed (making them more in profits) regardless of the hardship placed upon the customer.

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Its already in the mainstream media and actually is one of President Obama's big issues.

Mimi47,
We received the same notice yesterday morning and pretty much freaked out. We owe
12K on our Chase Platinum; after being a loyal cardholder for over 15 years. We have a family of four and are barely making ends meet NOW. They are expecting us to make a 640.00 minimum monthly payment!! Are they CRAZY?
My husband called twice and was pretty much told the same thing - that there was nothing we could do, unless the primary cardholder was unemployed. I thought this was ludicrus, so I called back again. After sitting on hold for 30 min, I was able to speak to someone directly. The man that helped me was wonderful. He offered to do all that he could for me, offering me a 'program' with a lower minimum payment, 0% interest for 5 years until the card was paid off. This would in turn close our account (which we wouldn't want anymore ANYWAYS). He also promised that it would not affect our credit score. They will call us in 3-5 business days to confirm whether they are approving or declining. If they decline, I don't know what we will do. Our two options are: pay it in full using our college funds for our children, or let them come after us. We have excellent credit, which in doing so would be shot.
I would keep calling - be persistent. If the representative doesn't/can't help you, ask to speak to someone who can!
Good luck.

Just one thought...

This credit card money was borrowed. Card holders used someone else's money and now the company is pressuring so that the funds are repaid.

What do you think will happen when the US Gov defaults on the 2 trillion owed to China?

Its like the land that I just bought. My neighbors walk through it cause they think that it is Neighborhood land cause they always have walked though it! Times change.

Capital One did the same thing to us by the way. So we paid off our dept to them by getting a Loan at a local credit union to consolidate our dept. Capital One demanded their money back by raising our interest rate by 18% so we gave them their money back.

I realize that college funds will help the kids but I am not even in my field that I went to college for. I am in banking and my education is in Electrical Engineering. So maybe college is more hyped up than it should be.

One important thing to do is bookmark the Chase Bank Credit Card protest websites and check in at least once a day.

DAILY-PROTEST.com
BLOGGERS AGAINST CHASE BANK
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