Creditors will not lower rate, what next.

School employees are expected to budget for their off summer months. Or work a second job. Does your landlord or mortgage company reduce your payment for the 4 months? This is the standpoint that Wells is trying to make.

LeeAnn,

It sounds like you are in between contracts or have just signed your first contract thus the no pay during the summer.

It is a shame, but they are not interested in working with you because you are current and are in good standing with them. They believe that you will pay them regardless of what you say you can or can't do right now. In my opinion if you cannot make your payment...don't. I know it will hurt your credit right now, but you can only do what you can do. If you don't pay for a little while, they will be more likely to put you in a hardship payment program. Read these forum discussions and ask as many questions as you have. Some people will be nasty, but others can be very helpful and encouraging. Good luck to you.

Thank you tdavis. I think that is the sulution too. Another card company told me they would not nagotioate with me untill I am delinquitge. The woman I talked to noted that she had talked to me and about my situation.

I am a female classified employee with two kids and a husband. One of the reasons I work at a school is so I can supervise my own kids during the summer and holidays instead of paying someone else to do it. This is the first summer it has been this bad. Our financial issues have been going bad for about a year. My husbands job hours were reduced. His home business work decreaced. My hours were reduced, I no longer qualified for medical benefits. We got insurance through his work, it is costing us $925 per month. Last summer my insurance was paid through the summer, this summer it is not. We did qualify and received a mortgage loan modification, which is working out great. I will keep this forum handy through this. Thank you for your response.

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I think it is so sad in this economy that these creditors are not willing to work with people. You shouldn't have to be behind to get help, because by then they have add alot of fees to your balance. I did the same thing, when things got bad, I called all my creditors and tried to get them to work with me before I got behind and no they wouldn't budge. So now I have three is collections, its been a little over two years. Bottom line is they probably won't work with you until you are behind and they can add a bunch of fees to your account, and then that will make it impossible to ever get caught back up.

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The truth is much simpler, actually...
Wells Fargo is not willing to work with you because of money. Its a shame, but thats the fact. Look, if you end up making your payments, they get money. If you dont, they charge you late fees, and more interest, and they end up getting MORE money. Simply put, your payment history with them shows that you will pay your bills.....and worst case for them based on your payment history is that you will pay on time, in which case they still make their interest. If you dont make payments for four months, they come out with even MORE money once you start paying again. It's so sad, but people dont even realize how badly their credit card companies are raking them over the coals for cash...

I do not think there is anything Cards Act says that a credit card company low interest rate on a credit card is required. Here card to apply act that interest rates are a few areas. A credit card company 45 days to notify you before they will increase their interest rates. Credit card company within 12 months before opening an account in your interest rate can not increase. If your credit company's first 12 months after the interest rate increases, it only applies to new charges that you make. The old interest rate will apply to the old balance. Highest interests are directed to pay the rest before. If you pay more than minimum payment, your credit card company with some of the highest interest rate should apply to balance. Credit card companies charge interest only balances the current billing cycle can apply. Furthermore, the card did not act in effect until February 22, 2010 most of these new rules in question does not apply for credit cards. So, what your options will not work with a credit card company you are? The only option you get if you can reduce your interest on credit card payments either closed or have a low interest credit card balance transfer. Many consumers high interest credit cards with 0% rate on balance transfers credit cards are transferred. With your bank or credit union checking to see if they offer you something with a lower interest rate than you are paying can may want. To keep you credit card to pay for and decide to continue, it is a good one in two months trying to ask for a lower rate may be considered. Ask for a supervisor and if they still will not lower interest rates, it is time to look for different credit cards.

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