Request Int Rate Reduction
Date: Mon, 01/25/2010 - 23:51
It makes no sense to me that cc companies won't work with debtors in lowering interest rates. Jacking the rates up (after being late by a few days or not even being late) makes it impossible to pay the mo dues. I now see where ppl get frustrated because they are struggling to pay the bills and ask for int rate reduction, only to be denied. It gives them no choice but go the debt settlement route.
If you don't want to do debt settlement, you can get them to low
If you don't want to do debt settlement, you can get them to lower your rates by missing a payment or two. They will realize you are legit about not being able to pay, your credit hit will be small and the offers they will give you will make you wonder how come they could not do this earlier. I received 0% for a year and small monthly payments.
Well, unfortunately the creditor would increase your rate even i
Well, unfortunately the creditor would increase your rate even if you are late by an hour only. This is where I think the laws need to be more considerate to the consumer.
However, you may try to speak to someone up in the line who can actually consider your case. BoA is relatively easy to deal with. You can read others' experiences with BoA if you search the site. Also, you can check the 'do it yourself' section before signing up with a credit counseling company.
