Nick wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

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“Dear Steve,

I have a Loan through Bank of America and the APR IS 15.99%!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!, I am going to declare bankruptcy soon if this isnt lowered.

Can you Lower my APR?

Nick”

The Answer:

Dear Nick,

These days 15.99% isn’t a bad interest rate on a credit card, But you didn’t say what kind of loan this was.

Nick, it isn’t cool to go bankrupt just because you don’t like the interest rate. Is there something else going on here? I’m hoping there is more to the story that you have not told me.

Steve