How do credit card companies figure the minimum monthly payment?

How do credit card companies figure the minimum monthly payment?

2 Answers

It is the percentage of the outstanding balance. You can get more information from this page:

"http://www.bankrate.com/brm/news/debt/20050503b1.asp"


Read your card holder agreement.  It is usually a percentage of the balance.

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http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

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