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if we go into a recession, will my credit cards raise the minimum payments?

by how much?

Update:

my interest rate is 24% APR

13 Answers

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  • 9 months ago

    No. They might reduce your credit limit though.

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  • Erik
    Lv 7
    9 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.

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  • Who
    Lv 7
    9 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

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  • 9 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 R
    Lv 7
    9 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?

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  • 9 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.

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  • Judy
    Lv 7
    9 months ago

    probably not................

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  • 9 months ago

    No.

    You minimum payment is a percentage of what you owe.

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  • Anonymous
    9 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?

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  • Nancy
    Lv 7
    9 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.

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