Question

My bank increased the minimum payment on my credit card account.  What should I do if I can’t afford it? 

Answer 1

Dear Rahul

You were issued with a credit card, in agreement to certain terms and conditions.  You are expected to pay off the credit availed on your card, well in time.  If you choose only to pay the minimum amount, then most unnecessarily you would be burdened with interest on the balance, which generally is very high on credit card spends.  Besides, the minimum amount too is prescribed by the Bank, as per the terms and would not have been enhanced unilaterally in your case.  Having utilised the credit on the card, you should not say that you can't afford even the minimum payment.  If the payment is delayed, the banks would also charge the late fee.  I advise you to be prompt in payment of credit card bills.

RAJA