How To Fix Credit Card Minimum Payment Increase (Why Does My Credit Card Minimum Payment Rising?). In this video tutorial I will explain why your credit card minimum payment increased.
Here are some of the reasons why your minimum payment increased:
• A change in the terms and conditions of the credit company. Credit companies change their terms and conditions for various reasons, such as to remove customers from continuous debt.
• Rollover fees into your minimum payments if you consistently pay your minimum payment late. Certain charges accrue when you pay your minimum payments late. The charges are added to your minimum payment, and you eventually end up paying a higher amount than you usually pay
• You frequently use your credit card to purchase things. Most credit card companies charge the minimum payments based on your purchases. So, the more you charge your credit card, the more your minimum monthly payment increases.
• An increase in the interest rates by the credit card companies may also force the minimum payments to increase.
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