Posted on
December 26, 2008
at
5:07 am
I am in an industry which is suffering in catastrophic fashion, automotive. My income is down, but not out. My credit card debt is 300,000 +. I am current with every lender, never been late, yet several companies have raised my rate astromomically, 30.00, 34.99, 24.99, etc. because they say I'm "over extended." Well, they are right, but by raising the rates they are making it impossible to stay current. Does anyone have any ideas? Thank you.
Posted on
December 26, 2008
at
3:41 pm
Along with those letters should have been a paragraph or two telling you how you can elect to opt-out of the higher rates. This will most likely result in them closing your account, but it will allow you to pay off the balance at the lower rate. You must act quickly though to take advantage of that option. Make sure you do it in writing and send it via certified mail.
Posted on
December 28, 2008
at
7:02 pm
I have had to opt out of 4 of my 5 credit cards this way in order for our family to stay current and continue to pay at the lower interest rate. Credit card companies are on a roll now with raising interest rates off the charts. I too don't understand how this is suppose to contribute to the debt being paid in a more timely fashion.
auk Rep Points:
10
Posted on
January 4, 2009
at
5:19 am
hi there. that is a lot you owe in debt. i found this website really helpful. if you are currently employed you can have all of your debt written off in 37months with government legislation.
