State Farm credit card - stopping payment

Date: Sat, 02/13/2010 - 10:35

Submitted by jazzysky
on Sat, 02/13/2010 - 10:35

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My husband has a State Farm credit card in his name only with $25,000 debt in Florida. We need to stop our payments as we can't afford to pay any more. Everything else we own is in both our names. Has anyone had experience in dealing with State Farm Bank in defaulting on your credit card and what we can expect once we stop payment? How difficult they are to work with? We have already had 2 foreclosures on rental properties and are paying on the home we live in. We have just been paying the minium each month...but only get farther and farther behind. Help!

We have a State Farm card too. They informed us that the interes

We have a State Farm card too. They informed us that the interest is going up 2 points and the min payment will double which makes it $500 a month. We are going to stop paying them next month. We called and asked them to work with us and no dice. So I said ok and warned them we would quit paying and that did not phase them at all. Type State farm card in the search on this sight. Someone could only get a 50% settlement from them. So I expect they will be our hardest to deal with, but I am not going to put up with this ridiculous hiking up rates and payment when we have never been late or given them any trouble. So sick of these stupid credit card companies doing this. Once I get rid of our cards we will never have another one!! Keep me posted on how it goes for you. Good luck.

lrhall41

Submitted by luckin10 on Sat, 02/13/2010 - 17:30

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