Have a couple of credit cards getting the better of me

Have you contacted the companies to ask about lowering your interest rate so that more of your payment goes to the principal?

No. Didn't think that was a possibility. One of the companies is being so difficult even with fees and stuff. What grounds would I make that request on?

Just be up front with them and tell them you're having trouble making the payments.

Or another resort would be to look into debt consolidation. A counselor from this site will be in touch with you and they will discuss this option with you.

That sounds like a good idea although MBNA, is not very friendly when it comes to making adjustments. I am frustrated b/c I've been with them since 2001 when I was in college and they kept increasing my credit limit all the way from 800 in college to 5000 now and of course, I was foolish in my spending :(

Hi Ayla,

Welcome to the forum! It is nice to have you here. :)

Jessi is exactly right - first step would be to call the credit card company and ask them if they have any kind of hardship program - or if they will lower your interest. Some will and some won't, but it is definitely worth a shot. If they choose not to work with you or give you a break, debt consolidation is the way to go!

We look forward to your active participation in this forum. If you have any more questions, ask away!

~Mary

Thanks Mary! I really appreciate the responses I am receiving!

You are very welcome. We have all been in your shoes, and many of us are still there. But if we work together, we will ALL get through it. :)

~Mary

Amen! :)

Hi ayles

There are some credit companies willing to work on your proposal if you ensure them regular payments. Offer them a realistic payment plan and stick to it. They will surely offer you some benefits in the course of time.

I remember being in a similar situation when I was getting past behind in my bills. I approached my creditors and offered a realistic plan. I didn't get the benefits from them at the beginning but seeing my payments regularly, they waived off most of the fees from the total payment.

MBNA is a tough company when it comes to making arrangements. But when they will receive regular payments, I am sure you will get some benefits from them too. Just stick to your plan

John has a good point - make a REALISTIC payment plan. Don't agree to something that you know that you won't be able to keep up on! Offer what you can, but nothing more.

~Mary

:( It took me forever to find this site online!! I'm at work and I have it saved under favorites but couldn't remember the link for the life of me. And I need to vent so bad!
I am soooo upset. I called MBNA and they were so mean to me. They said my account has been over the credit limit for the past 6 months when it hasn't been!!! I've been making payments regularly and I've been able to use my card so it hasn't been. Furthermore, she called me irresponsible and how given my usage, there is nothing she would want to do to help me. She was so rude and told me that at this point it is in my best interest to close the account. I've been with them for almost 6 years now, my payments have never been late, until this month, and I have always been under the credit limit until this month because of late fees and increased interest rate. Oh I feel just awful :'(

Ayles--Do you have your statements to show that you were never over your limit? Or can you look online to see?

You wouldn't be able to use your card if it was over the limit..That lady is nuts.

Don't get down, the solution is out there, you just have to figure out the best way to go. :)

Hi Jessi
Yes I do have my statements, and when I told her that, she goes "well I am not going to sit and argue with you over this". She was just so rude and I am trying not to let it get to me but it's my birthday tomorrow and I just feel crappy :( Thanks for your comforting words.

That was the best she could up come up with, Ayles? If so, insist on speaking with someone else who is more reasonable. Just keep making the payments you can afford and if they see you are being consistent with your payments, maybe they will give you more breathing room. If they insist on being rude and you being over the credit limit, then keep all the copies of your statement. They are just being hardballs and do not let them get to you. Remember, make consistent payments of what you can afford. :)

Since your birthday is tomorrow, here is a big hug! *HUGS* Turn off the phone ringer and enjoy your birthday in peace!

NO way!!! Call them back! Keep calling until you talk to somebody who will help you! They are not ALL like that, I am sure of that. Ask for a supervisor next, if they are going to be rude to you like that! Just remember, your credit rating is at stake, so you gotta jump in there and try again! And remember that we are here for ya

~Mary :)

A company called "superior debt" called me to work out a financial plan. It goes something like this: 18 months = they open a savings account and withdraw a certain amount from my checking account and in the meantime my payments with MBNA are delayed for about 3/4 months (i.e my credit report is messed up) so they can negotiate the balance, with no interest, and pay it off. It sounds nice in 18 months but what do I do in the meantime. I'm so stressed about having such a low score in these 5/6 months. Any suggestions?

Thanks Mary! You are so sweet :) I just saw your message b/c I hadn't turned to page 2, silly me, still trying to get used to this :)
You think I should keep calling?

Leave it on Superior debt relief and they will work out arrangements with your credit companies. From your side, you should be sure of sending regular monthly payments to the savings accounts. It takes some time for the negotiations to show its effect. Once the creditors have accepted your proposal, money will be sent from the newly opened account. You just have to be regular with your monthly payments.

Do not stress yourself in this situation. Try to save out some money from your daily expenses. Deposit these savings towards the new account so that you don't have to panic at the final stages of the negotiation. Stick to your budgeting plans and you will become debt free within the quick time.

Hey, no problem! It took me a while to get used to page 2 as well

I always recommend debt consolidation over debt settlement, but you have to do what is right for you!! I think that you should at least give it a shot with calling the creditors again. You have a good chance of getting somebody on the phone who has a heart and can understand that sometimes people get into a jam!!

~Mary

Gretchin, you don't think me being behind in payments for 4/5 months will be a problem?

If you wish to go with a debt settlement program, you will have to accept this procedure. That's the way it works! Ultimately, the creditors viewing your file in the future will like to see the past accounts as paid. This way, they will be assured that you won't be a future risk to them after granting new credit. Looking at your present financial situation, you have to make a choice whether to choose a consolidation plan or a settlement plan. The total amount to be paid back in a settlement program will be largely reduced. Give a deep thought before you make this financial decision. Ultimately, I am opening up avenues for you to become debt free.

here's a question for you guys...

on calling the credit card companies and saying you just cannot in any way, shape, or form make these minimum payments at 29% (hubby had to have surgery w/no medical insurance last year, so we are paying boatloads for that, too), would that tip them off that your next step is consolidation or settlement if they don't lower the interest? and what could they do at that point, if anything? i'd really like to try that first before i take the next step...

thanks for any replies!

I'd let them know exactly what the situation is, that can only work in your favor, as far as I am concerned! Hopefully you will get a sympathetic person. Just let them know how much you have enjoyed using their card, you are a loyal customer, you tell your friends to apply, etc. and you have a good shot of getting some help with it :)

~Mary

Guest, whether there are facts behind your reason or not, ultimately, its clear that you are not able to pay the debt with high interest rates. This will force your accounts to become delinquent. You will need to explain and negotiate with them for lower interest rates. They should understand you taking care of the matter. Besides, if you default, they won't have their money anyway. They will think about giving you repayment options. The twelve guidelines of debt solution have been put nicely in this page.

http://www.debtconsolidationcare.com/debt-solution.html

I agree the person you spoke to must have been new or something, because I have never had a credit card that let you use it when you were over your limit. I can't imagine one that would---has anyone out there ever had that experience?