J P Morgan ChaseJ P Morgan Chase; Chase Card Services Forced me into bankruptcy Palatine Illinois

It's probably not the $10 charge that affected the OP, but likely the doubling of the minimum payment (six credit cards! You're kidding). Although Chase will be reimbursing the $10 fees, I do not believe that they'll be going back to the 2% standard for the minimum payment.

In the days of old, 5% was the industry standard for a minimum payment. Then some genius at one of the card companies realized that if it were lowered to 2%, their spendthrift consumers (such as yourself) would run their balances even higher, thereby generating more interest revenue. All of the other card issuers quickly followed suit. Well the days of the 2% minimum payment are going the way of home loans for the unemployed, which were fairly common a few years back. The banks didn't have to ask you when they lowered the minimum, and they're not going to consult you about raising them. It's their perogative and it's right there in the card agreement. For now, they've just raised the minimum on their lowest rate cards (i.e. interest rates below 5%). There's nothing to stop them or any other bank from raising the minimum on other cards.

If you were just squeaking by and are now facing bankruptcy because the minimum went up on two out six cards, then you were probably teetering on the edge anyway. Chase did not force you to run up large balances on revolving accounts. You're getting a first hand lesson on why it is stupid to run up credit card debt (no matter what the interest rate). The terms are such that the bank has the power to change the deal at any time. Amazingly, that is what you agreed to when you opened the account.

First the "good" news. At the end of March Chase settled with the NY Attorney General. They agreed to stop, and credit back, the $10 Service Charge to a certain set of card holders. I don't know if your card falls into this category but something to look at.

http://www.consumeraffairs.com/news04/2009/03/ny_chase.html

But the reality is that Chase did not "force" you into bankruptcy. If the raising of your minimum payments was enough to cause serious issues, you were already on the borderline for Bankruptcy. Sorry, but this means you had high balances, for what ever reason. Chase(and other banks) only issue the credit cards they did not force you to use them. You did not get to this point because of Chase.

Now, you were not singled out. They did this to people who had perfect credit histories, as well as people that did not. They are also not the only bank changing the terms and interest rates. Although, I do believe they were the only ones who tried the "Service Charge".