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.
More Quotes from Dean DeBuck:
What is a reasonable amount One percent of the balance was what was decided to be reasonable.Dean DeBuck
We thought that was something that wasn't right. The minimum payment should have some effect on reducing the debt.
Dean DeBuck
We can't really comment on the impact of the decision. We just let the letters speak for themselves.
Dean DeBuck
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