SOUTH BEND — Imagine getting a letter from your credit card company saying your minimum monthly payment has tripled. And your only choice is to pay it. That’s quickly becoming a reality for a lot of credit card users.

Experts told WSBT it’s a sign of the economic times — more credit card companies are having trouble getting payments from customers. Since a new federal law bans interest rate hikes, they’re finding new ways to make money.

It’s a letter Tim Grall, 29, never expected.

“[I’ve] never made late payments, nothing. Ever,” said the first time home buyer and father of two. “Everything's always been in good standing.”

Grall also said his credit score is over 750. But in August, his minimum monthly Chase credit card payment will increase from 2 percent of the balance to five percent. His current $260 payment will soon be more than $650 a month.

“They gave no explanation other than they said ‘It's a bad economy and we need to re-claim some funds,’” Grall said of his phone conversation with a Chase representative.

“And I said 'Well isn't the $660 a little excessive?' And they said 'Your only other option is to close out the account and pay the balance in full.'”

If this is happening to you, experts say the first thing you should do is put your concerns and history with the company in writing. Keep contacting the company until you get some answers.

Mary Ann Lienhart-Cross, an educator with Purdue Extension, says it’s also not a bad idea to contact your legislators.

“You signed an agreement,” Lienhart-Cross explained. “It’s a contract with that company and the rules changed. And I think that's where we need to go back to the legislators and make them aware of the fact.”

She also said what’s happening to Grall should be a lesson for everyone.

“They should not be using their credit cards if they cannot pay them every month,” Lienhart-Cross said.

Grall said he wasn’t just using his Chase card to go shopping at the mall — he took out loans on the card because the interest rate was lower than one he could get at a bank.

Now, the engineer who made it through two layoffs at work and said he's always been financially responsible, has to figure out what’s next.

“It feels like I've always upheld my end of the bargain to them,” he told WSBT.

Chase would not tell WSBT how many card holders are affected by the minimum payment increase, but a representative said the company increased the monthly minimum payment on select accounts that have carried balances. It also took a look at the account’s whole history, including how much of the balance had been paid in the past.

If you have problems making the new payments, Chase suggests calling the 1-800 number on the back of your card.