I need advice for CHASE
Date: Thu, 10/28/2010 - 16:50
I have about 11000.00 in CC debit both cards are with Chase. I Just received a letter on one of the cards stating my interest rate will jump up to 28.99% from 10% for future purchases- I have NEVER been late on any of my payments since having any CC's or debt for that matter. I do not understand why they would increase my interest rate. They increased my interest rate from 5-7% about 2 years to 10%... I called and argued with them at the time and was told there was nothing they could do, they were increasing everyones..bla bla bla.. He mentioned i could contact the hardship department and they could assist me, but would have to close the account. I did not want to close the account, as I worked sooooo hard to have the credit I have/had at my age (was 26 at the time) had a credit score of 790.
I am still not late but making the payments are getting harder and harder. And if they increase my interest rate it will be impossible to get ahead. Yes, I know do not use the card then. I get that and am not using the cards at all. Its the principle of the matter, I have had the card since 2000 and never been late.
I do not want to stop making payments but I can not continue to make the 200+ monthly payments. Do I contact Chase and get ahold of their hardship program or do I contact a debt consolidation company? Both will affect my credit- Should I avoid the debt consolidation fee's and work with Chase? I have read other post and see Chase is not that great to work with at times but others state they worked with them being they had no history of not paying...
HELP PLEASE
I am still not late but making the payments are getting harder and harder. And if they increase my interest rate it will be impossible to get ahead. Yes, I know do not use the card then. I get that and am not using the cards at all. Its the principle of the matter, I have had the card since 2000 and never been late.
I do not want to stop making payments but I can not continue to make the 200+ monthly payments. Do I contact Chase and get ahold of their hardship program or do I contact a debt consolidation company? Both will affect my credit- Should I avoid the debt consolidation fee's and work with Chase? I have read other post and see Chase is not that great to work with at times but others state they worked with them being they had no history of not paying...
HELP PLEASE
Since you have good credit already, I'd opt for the hardship pro
Since you have good credit already, I'd opt for the hardship program. You'll have to prove to them that you cannot afford the payments so, be prepared to discuss your income, and all of your monthly expenses. Generally, a hardship plan will reduce your interest rate and your payment rate. One stipulation of a hardship program, however, is that the account will be closed.