Along with credit card bills, people are getting solicitations from their credit card issuers suggesting they carve off some of those purchases and put them on fee-based installment plans that aren't subject to high-interest rates. But life can get in the way, with unexpected repair bills, medical bills and other curve balls, making it hard to pay off the credit card bills. Think of them as a way to refinance credit card debt as a lower-rate fixed-payment loan but without a loan application. To delve into how these plans can work let's take a look at Chase, one of the largest U.S. banks and credit card issuers. Installment payments, like credit card minimum payments, can make purchases seem more affordable even as they make them more costly.

Source: Los Angeles Times January 08, 2023 14:11 UTC