When did Wells Fargo increase its credit card minimum payment?
Answer:
With the passage of stricter bankruptcy laws in 2005, most credit card companies were required to change the way they calculate minimum monthly payments.
Always pay off your monthly credit card debt in full. Never make minimum payments or it could take you 30+ years to get out of debt!
Greed is the only reason I can think of.
I believe it was congress who passed a new law, requiring credit card companies to make you pay a higher minimum payment each month. I think it was changed from 2% to 4%, and I believe it applies only to balances over $5,000 or $10,000. The law was actually passed to help consumers get out of debt. It pretty much will make people get out of debt faster.
It's not greed, it was as request from regulators. The idea is to try and get people out of debt more quickly, by forcing them to pay more each month.
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