if we go into a recession, will my credit cards raise the minimum payments?
by how much?
my interest rate is 24% APR
- MichaelLv 79 months ago
No. They might reduce your credit limit though.
- ErikLv 79 months ago
The minimum payment requirement will still be what it is now. During the last recession, or at least during the recovery, they lowered interest rates. So the amount will eventually decrease.
- WhoLv 79 months ago
no chance - they make money from the interest on the money you DONT pay
why on earth would they make you pay MORE of that debt (by increasing the minimum payment) so you owe LESS and they get less interest
What they will do is increase the interest you have to pay
- SumDudeLv 79 months ago
imo if your min payment is 2% or 3% of the bill, the cc companies might start requesting 5%. - just a guess
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- Kim RLv 79 months ago
Possibly, if it isn't already at the peak allowable. It shouldn't matter anyway, since you should be paying off the full amount every month on time. Otherwise, you are just wasting your money in fees and interest. You realize that; right?
- curtisports2Lv 79 months ago
The only thing that will cause your minimum payments to go up is when the balance you are carrying goes up. You should never be paying the minimum payment anyway. Always pay more, and ideally, pay in full every month.
- JudyLv 79 months ago
- A HunchLv 79 months ago
You minimum payment is a percentage of what you owe.
- Anonymous9 months ago
Unlikely. Its more likely they lower your limit if its unused. Didn't you ask the same question just days ago?
Why not pay them off already. Your hero, Ron Paul won't chip in?
- NancyLv 79 months ago
A component of recessions is a high interest rate. Interest rates are low right now. So if interest rates go up, it's likely you'll receive a rate hike in your credit cards' interest rates. That is unless your credit cards are already at the maximum allowable under the law to not be considered usury, which I think is 28.99%. If you see a rate hike, then your payments will go up. By how much, nobody can possibly know without more information than you've given.