Latest Posts
Home > Ask The Get Out of Debt Experts > Citibank Just Raised My Rate to 29.99% and I Can’t Afford That. – Jon

Citibank Just Raised My Rate to 29.99% and I Can’t Afford That. – Jon

Jon

“Dear Steve,

I filed bankruptcy in 2003 and have allowed myself to get into credit card debt once again. This time is not nearly as bad, but it still isn’t good either. It totals nearly $20k and I received a notice from Citibank stating that they are raising my interest rates to 29.99%. There is no way I can afford that and want to take steps to finally get myself and my family out of this mess. I know we need to make changes in our spending habits and standard of living.

What can I do about my credit % rates and balances? I’ve heard about programs that help to talk down your balances and rates for you, but I also know a lot of those places hurt your credit rating. What options do I have? I want to move in the right financial direction for our future.

Jon”

Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat back debt. – Click Here

The Answer

 

Dear Jon,

If you can afford your minimum payments but just want to get the interest rate reduced, explore a debt management program to do that. Contact a debt management company and see what the interest rates can be slashed to.

You can also call Citibank and explain your situation and difficulties you are experiencing. They may place you on a reduced interest payment program for 6 months and may close your card.

The only option you have to lower your overall interest rate and not hurt your credit is going to be a solution like LendingClub where you can get an unsecured debt consolidation loan to payoff the debt.

Consolidating your debt may actually improve your credit since it will keep you out of a debt management program, a creditor internal program, and potentially bankruptcy. Explore LendingClub and see if that might not just be the solution you are looking for.

Big Hug!

Citibank Just Raised My Rate to 29.99% and I Cant Afford That.   Jon
Get Out of Debt Guy – Twitter, G+, Facebook

P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

Citibank Just Raised My Rate to 29.99% and I Can't Afford That. - Jon by

Share This and Spread the Word

About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.

Close

I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.


  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.