Legal Question in Credit and Debt Law in Massachusetts
minimum payment
is there a minimum payment required when paying an overdue credit off. i thought it was $5 or $10 a month. we just received notification of a $4,000 credit card and they are demanding payment. we can only afford what is required by law so we need to know. thank you,--name removed--
2 Answers from Attorneys
Re: minimum payment
Minimum payments are an accomodation to a debtor. Unless your agreement with the creditor provides for such payments, there is no requirement that a creditor accept same.
Re: minimum payment
While I haven't done any legal research on the question, I doubt if there is a statute or regulation regarding minimum payments. I would expect that it would be a matter of contract; that is, what was the agreement between you and the credit card company? Such agreements, of course, are usually imposed by the company and you really don't have much choice. I would suggest you get a copy of the credit card agreement and read it to see what it says. If you don't have one, you can probably get one from the credit card company's web site. Best wishes, David Baker
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