Dean DeBuck
Dean DeBuck
balance decided percent reasonable
What is a reasonable amount? One percent of the balance was what was decided to be reasonable.
effect minimum payment reducing
We thought that was something that wasn't right. The minimum payment should have some effect on reducing the debt.
banks deciding establish fast hard payment percent toward trouble
Because banks were having trouble deciding what was reasonable, we have gravitated toward 1 percent of the principal. This is not a hard and fast rule, and banks may establish other payment amounts.