My Creditors Won’t Freeze My Interest Rates. – Sarah

“Dear Steve,

I have written to all my creditors before any defaulted payments and asked them to suspend collecton for 6 months and freeze interest and charges. I backed up my financial situation with a budget sheet. I have sent and resent these but my creditors wont acknowledge my attemps to sort this out. what can I do? the debt is ballooning.


Dear Sarah,

There is no regulation or law of the land that says your creditors need to treat with with any exception or personal understanding. On one hand they must meet certain banking reporting regulations that require them to show your account going further and further past due. On the other hand you are just a number on a page and treating you differently costs them more.

Do not expect your approach to be successful. You will wind up in collections, potentially being sued and have future wages garnished.

Your only option that will end this situation and give you any legal protection will be from bankruptcy. Click here to find a local bankruptcy attorney you like and go talk to them.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

Do you have a question you'd like to ask me for free? Go ahead and click here.
Damon Day - Pro Debt Coach

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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.
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