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Lower my interest rate?

Date: Mon, 08/16/2010 - 09:52

Submitted by anonymous
on Mon, 08/16/2010 - 09:52

Posts: 202330 Credits: [Donate]

Total Replies: 4


Hi. I have no idea what to do. I have only one debt with B of A but it is over $21,000. It is a credit card with an interest rate of over 23%. I am no longer able to pay the monthly payments. I have no idea how to go about lowering the interest rate. I am reluctant to discuss with the bank as I don't believe that it will help. I am totally unfamiliar with what to do and am very wary of the organizations I have spoken with. Does anyone have any ideas or suggestions as to what may be the best solution? I am in very unfamiliar territory.

Thank you
Trace


Quote:

Originally Posted by Jill Adams
The only way I know of getting your interest rate lowered is missing payments. After that they usually talk to you about a hardship program where they lower the rate, payment and usually close the acct.



And your credit will take a hit. After about 90 days, they will offer you a payoff plan that will do as Jill says. After about 120-150 they will also offer you a lump sum or 3-payment settlement plan at 30-40% of your balance. But again, your credit will take a hit.


lrhall41

Submitted by dantheman on Mon, 08/16/2010 - 10:59

( Posts: 860 | Credits: )


Quote:

Originally Posted by dantheman
And your credit will take a hit. After about 90 days, they will offer you a payoff plan that will do as Jill says. After about 120-150 they will also offer you a lump sum or 3-payment settlement plan at 30-40% of your balance. But again, your credit will take a hit.


What if I am unable to afford anything more than $350.00 a month. There is no way I can come up with that large a sum and eat and have somewhere to live. I only make 2100/mo. Are there any other options that I might be able to explore that you know of?

Thanks again


lrhall41

Submitted by on Mon, 08/16/2010 - 11:30

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Hi Trace,

If you are looking for a way to reduce your monthly payments and your interest rates, a non-profit debt management service can assist you with accomodating that goal. Dealing with a non-profit organization can also assist you with improving your credit rating through consecutive current timely payments.

A non-profit organization will work out a budget assessment with you to see how overextended you are. Based upon the amount of disposable income you have left over once you are done paying your fixed living expenses, a payment quote is calculated to try to meet your budget.

I work for a BBB accredited business with an A+ rating with the BBB. If in need of free financial assistance, please do not hesitate to contact me.


lrhall41

Submitted by heatherr on Mon, 08/16/2010 - 11:42

( Posts: 10 | Credits: )