missed payment and sky high interest penalty
Date: Wed, 09/30/2009 - 10:22
I missed one payment on a credit card debt of $17,000 and the credit company wants to now raise my interest rate to 29%. I would like to conduct a DIY debt mngmnt plan, but the interest rate will make success very difficult to achieve. Any ideas on how to manage a decrease in interest without going to a debt management company? I haven't yet called the credit company to ask for a reprieve.
Quote:Originally Posted by mwalker98087I haven't yet called the
Quote:
Originally Posted by mwalker98087 I haven't yet called the credit company to ask for a reprieve. |
IMO that should be your first step. Make them aware of your difficulties. Let them know that there is a chance for you to default or even declare bankrupt if they continue with such high interest rate. It may all depend upon how well you can negotiate. It's always not necessary to go to a debt management company for your debt problems. You can check with the do it yourself section for guidance.
