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credit card crisis
mantha_2
Posts: 3 Newbie
in Credit cards
i have a credit card and the balance is sort of going down, but the monthly payment is going UP and interest is going UP even though im not using it and have not used it for 2 years, anyone know why? any advice please?
0
Comments
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They probably have increased your interest rate and of course as a result payment are probably higher. They normally have to inform you in writing when interest goes up so you can choose to close the account at existing rate, you'll still be paying at least the minimum payment until the debt is paid. You won't be able to use the card. Might be good trying to apply for a 0% balance transfer credit card if you have a decent credit file0
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Because your CC company has exercised its right to increase the minimum monthly payment and to increase the interest rate.
If you want a fixed payment you need a loan rather than a CC.0
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