Chase just notified Greg that they’re more than doubling his minimum payment requirement. Because he and his wife are carrying such a large balance due to a promotional balance transfer offer a few years ago, this pushes their monthly payment to nearly $1,000.
“Revolvers”—customers who keep a revolving balance on their credit cards—used to be the cash crop for credit card companies. But now more and more of them are turning into expensive charge-offs, and the new CARD act is going to make it harder to acquire those riskier customers anyway. As a result, card companies are beginning to look more closely at the customer who was most hated back in the credit-orgy years: the deadbeat.
We know that technically it’s a great thing that you have multiple options to pay for your food at Burger King, but this is just a little too sign-of-the-times, and it makes us sad. Somewhere out there is a guy who’s still paying off the Whopper he ate in June.