The following information is designed to assist you to put together a self-directed debt repayment plan with the creditor listed.
This information has been obtained from a number of sources and while believed accurate at the time it was posted, it may have changed.
However, it is good information to use to get an understanding of the types of things the creditor may do to assist you when working directly with them to create a repayment plan you can afford.
If you would like some personal advice and assistance from a credit counselor to put together your own repayment plan, visit the DIY credit counseling section of the forum and a counselor will help you there for free.
If you would like some free guidance on how to put together a self-directed debt repayment plan then download my free ebook, Eliminate Your Debt Like a Pro.
Below you will find terms that are specific to this creditor.
First Merit Bank Credit Cards
DIY Credit Counseling Terms
|Payment % of Balance:||2%|
|Minimum Payment Required:||$20|
|Interest Rate Reductions Available:||Varies|
|May Bring Account Current After Some Payments:||Yes|
|May Stop Late and Overlimit Fees:||Yes|
|Requires a Full Budget to Grant Terms:||No|
Terms subject to change without notice.
- Payment % of Balance: – The minimum payment the creditor is looking for. For example, if the formula is 3% of the balance then multiply your balance by the percentage. Let’s say your balance is $1,000. To calculate your minimum payment you would multiply 1000 x .03. The minimum payment would be $30.
- Minimum Payment Required: – This is the minimum payment the creditor is looking for. If your calculated minimum payment is less than this amount you will need to increase it to at least this amount.
- Interest Rate Reductions Available: – The creditor has been know or currently does reduce interest rates when consumers are on special repayment programs.
- May Bring Account Current After Some Payments: – If you are delinquent on your account the creditor does or has been known to bring accounts current when making special payments.
- May Stop Late and Overlimit Fees: – Some creditors may stop late and overlimit fees when special payment plans are agreed to.
- Requires a Full Budget to Grant Terms: – Creditor may require a complete budget before agreeing to special terms. A budget guide may be found my free ebook you can download, Eliminate Your Debt Like a Pro.
- Secret Phone Number to Reach Representative: This is the telephone number to reach a special payment representative.
More DIY Help is Available
There is so much free help and advice available on GetOutOfDebt.org that it can be overwhelming. But let me steer you to some important sections.
- DIY Main Page – You can find the top of the DIY part of the site, here.
- DIY Credit Counseling and Creditor Index – Want to find a specific creditor and their DIY credit counseling terms, click here.
- DIY Debt Settlement – Want to see if settling your debt might make more sense for you in your situation. Visit the DIY debt settlement section of the forum and speak with an expert for free.
- Ask Steve Your Question – Do you have a debt related question you’d like to ask me directly? You can do it right here.
Have New Information?
The terms and information listed above may change without notice. You can help to keep this information accurate by updating me when you learn about changes.
If you are an individual and have tried to work with this creditor, please share your advice and terms you were given in the comments section below.
If you are a representative of this creditor and you would like to update any of the terms listed below. Please complete the following form.