A local couple is struggling after their bank dramatically increased their minimum credit card payment. As NY1 Money Matters reporter Tara Lynn Wagner explains, they are not the only ones with this problem.

Peter Meyer and his wife Gail have been working with Chase bank for decades and say they've always paid on time.

"We're always over the minimum," says Peter Meyer. "We haven't missed any payments."

The couple owes Chase about $25,000, spread over three credit cards. Their low interest rate is locked in, but they recently received notice that their minimum monthly payment is jumping from two percent to five of the balance – meaning the Meyers will now have to pay a minimum of $1,300 a month, instead of $500.

"It might as well be $8,000 or $8 million," says Mr. Meyer. "I literally couldn't find $800. There's just no way. I'm literally doing it from check to check to check and juggling as best we can."

A spokesperson for Chase confirmed the increase will affect select customers who carry a balance with the lender. While they say these customers were chosen based on a number of factors including amount owed, frequency of payment, and available interest rates, they refused to comment on exactly how many customers will be affected.

"You just have to Google this issue and you see tons of messages on credit card forums and blogs all about this," says Carolyn Bidga, a writer with Money Magazine.

Bigda says with banks experiencing a record number of defaults, lenders are trying to get back as much of their money as they can – and quickly. The minimum payment hike means the Meyers are essentially being forced to pay off their debt in half the time.

"If you were borrowing from Tony Soprano, [a mobster on the HBO show "The Sopranos], and he says, 'you can pay me back on Friday,' he wouldn't send guys to collect on Wednesday, which is exactly what they are doing," says Mr. Meyer. "All I am looking for is for them to live up top their end of the bargain. That's all I am asking for.

The Chase spokesperson says borrowers like Meyer who are worried about meeting the new minimums should call the 800 number on the back of their card. But Bigda warns that the phone call does not always result in help.

"People who have been in this situation have called the credit card company and asked, 'will you lower the minimum payment,' and the credit card company will say, 'yes, but if we do that, then we're going to raise your interest rate,'" Bigda says.

Another option, she says, is transferring the balance to a different card offering better terms. But, Bidga says, beware of high transfer fees.

Chase says the new minimums take effect in August.