We thought that was something that wasn't right. The minimum payment should have some effect on reducing the debt.
More Quotes from Dean DeBuck:
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.Dean DeBuck
What is a reasonable amount One percent of the balance was what was decided to be reasonable.
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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