Wouldn't you think if you aren't using a credit card, and are making more than the minimum payment per month, that the actual minimum payment would go DOWN?
Apparently not.
CC1....last month the minimum payment was $429....of that, $262 was finance charges...I paid $500....didn't add anything to the card.
This month...I incurred a $39 late fee (GRRR...In my spread sheet where I keep track of due dates...I put "10" instead of "7"....so when my payment was made, it was late.) Other than that....no charges. How did my finance charges go up to $295 (plus the $39) and my minimum payment go up to $498????
The interest rate stayed the same. I am "guessing" that they increased the percentage of the minimum payment. So now my budgeted $500 per month is only paying the minimum again!!
Man, we really need this retirement loan paid off so I can pay this CC off!! This is killing us.
Have you asked for a courtesy refund of a late fee lately? They usually grant one once a year for customers who are otherwise in good standing. It's worth a try.
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