And DeCunzo should more rapidly pay down his debt, which will increase the available credit, Fox says.
The couple should make smaller payments every other week, rather than a bigger one once a month, which will result in them paying less in interest, says Curtis Arnold, founder of CardRatings.com.
As for complaints about the Chase credit card, some Marylanders say the company enticed consumers years ago to transfer card balances by promising a 3.99 percent rate as long as the balance remained. Chase recently started charging these customers a $10 monthly fee and more than doubled the monthly minimum payment.
John Bangs of Jarrettsville was among many who transferred a big balance to Chase. He is upset that the same banks receiving taxpayer bailout money are playing hardball with customers.
When he called to complain, Chase told him he could avoid the fee and minimum payment changes if he agreed to have the interest rate on his card doubled. He grudgingly accepted "because I didn't want to have my payment go up by $300 a month," says Bangs, a sales representative whose income can fluctuate.
In an e-mail to The Baltimore Sun, Chase said less than 1 percent of its accounts are affected. "Those who are impacted have carried large balances for over two years while making little progress in paying them off," the company said.
That may not be the end of it. A lawsuit seeking class action status was filed last month against Chase in California.
Suggest a topic at eileen.ambrose@ baltsun.com or 410-332-6984.
