Why does my minimum montly payment go up so much every month?

Question

I got into some very serious credit card debt this year at school.  Like over $10,000 serious.

I've since got a good job and have been paying $2000 a month towards it.  Right now I'm down to about $5500.

The thing is, my minimum monthly payment is actually higher now than what it was at $10,000.  It makes no sense to me whatsoever.  How can this happen when I've already paid half the principal?  Not that it matters too much because I'm going to keep paying $2000 a month until it's all gone, but it's beginning to really bother me.

k · Answer

if you were to pay the minimum payment each month you would still be drowning in debt-  
just ignore the minimum payment- they put that there so you will just pay that amount and they can make more in the long run-

it may have gone up if your credit score has changed - especially if you missed some payments- with this credit card or with any of your bills

Dee D · Answer

They catch a sucker every day with their rates. They are not government control and can put whatever price they desire on their rates. They got their hands in your pocket book. Pay that off, and try not o get into debt with credit cards. They will rip you off, and bleed you to deaf. .

Beverly S · Answer

If you went over your limit they raise the percentage of the minimum payment.  Or if you're late paying etc.  I would call them & ask.

Anonymous · Answer

Lenders can adjust that pretty much at will.  Get the damned thing paid off and quit worrying about trivia.

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Why does my minimum montly payment go up so much every month?

4 Answers