I have always had an excellent credit record...

I have always had an excellent credit record, though my debts are high and take a majority of my low income to try and pay off.  Recently, I noticed that Chase Bank had doubled my monthly minimum payment.When I called to ask why, they said they were doing that to all their customers.  When I asked about an opt out they said there weren't any.  However, if I voluntarily gave up the low promotional rate portion of my balance, 2.99 and let it be raised to 7.99, they would reinstate my prior monthly minimum payment formula, cutting it by half.  I have a second Chase Card and it doesn't have low promotional rates, and they did not double the minimum payment or raise it at all.  So it is clear that they are trying to coerce me into paying higher interest rates if I want to avoid the risk of default, which I would not have ever had if they did not double the minimum payment.  I think this kind of ploy should be illegal.

Richard K from Cooperstown, NY