I Can’t Pay My Home Depot Credit Cards After the Economy Went in the Dumper. – Lavina

While doing home renovations and remodeling, I opened two Home Depot cards and one at Lowes. The ‘no interest for 6 mos.’ and ‘no interest for 12 mos.’ sounded great, and I was thnking how I could pay off each “program” before the interest rates kicked in. How wrong I was! The economy went into the dumper, I lost 2 of 5 days working, and the outrageous interest rates that had accrued were piling up much faster than I could battle them.

I wound up with about $25,000 in dept on the 3 cards, at 29%!! I am about to fall behind on the payments.

Should I try to contact the companies individually and ask for rate reductions and balance reductions (so high because of the interest rates), or would I be better off with a ‘consolidation company’? I understand they charge a monthly fee for the service, so if I do it myself, will I get the same results without the fee? Do they, as a company, have more ‘bargaining power’ than I do, as an individual?

How much can I expect to shave off of the balance? …. the interest rates?

I’m currently backed-up on answering questions so I’m posting some of the questions here for you to help answer.

This is your chance to be a hero and help out this person by providing your feedback and answer to the question in the comments section below.


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.

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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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