Erasing Our Debt

So one of my credit card statements came out today. I was checking it online and noticed my minimum payment was only $10. The balance is just a shade over $3,900. So my minimum payment is less than 0.3%.

Last month my minimum payment was just over $69 with a balance of $3,835, which is just about 1.8%. That seems reasonable.

Surely there was some kind of glitch in the system. They also increased my credit limit by $800. Maybe this low payment is a teaser to get people to spend more in anticipation for the upcoming holiday season.

Since I'm working the debt snowball method, I paid as little as possible. Since the payment wouldn't even cover the interest they added, I just added that to the $10 they requested.

Does anyone know why they would have lowered the minimum payment so low?

Labels: debt, minimum, payment

// posted by Ryan @ 9:49 AM