Obviously you do not watch the news then.
I would like to see a news article where somebody with $5,000 in credit card debt not only had a $500 minimum payment to begin with, but has had it double to $1,000. Show me that.
Otherwise, I will assume you made it up. I will further assume that you haven't the first goddamn clue how minimum payments are calculated, or how they are related to APRs. The fact that you accuse me of being ignorant is laughable. Your bull**** statements about payments and how card companies make up the rules as they go along...and I'm the ignorant one.
Here's one of literally 467,000 Google hits on the topic of "Bank of Americal credit card rate increases"...
Yeah, I liked this part:In fact, one commenter Hanadarko, says his sister was convinced to apply for a lower rate card, but ended up with her credit limit reduced to just $1,000 above her balance! BoA reps should be reading your Miranda rights when you call because anything you say can and will be used against you.
So, you are having trouble making your payments, but don't think your limit should be reduced. That is just stupid.
I'm sure there is a phrase in there that says if you "use" the card then you are acknowledging that you accept the terms of the contract.
Exactly. Any time the credit card company changes their terms, you can reject the change. At that point you are not to use the card any more and you can pay back the debt on the original terms. However if you use the card again, that means you accept the new terms. How is that not reasonable?