Latest Posts
Home > Ask The Get Out of Debt Experts > Should I Quit Paying Bank of America For My American Express? – Becky

Should I Quit Paying Bank of America For My American Express? – Becky

“Dear Steve,

I have a BOA American Express card that was originally about $500.00 – I’ve paid every month and for the past 4 years made no new purchases. Interest rate is 25.99% and with all the monthly late fees / interest rate my balance is almost $2k. I’m falling further into debt with this one card and it has ruined my chances of getting a home.

Should I quit paying and deal with a collection agency instead? Bank won’t even give me a full accounting of my card unless I pay $5 per page after the first 5 pages. I think it is shameful that I can pay monthly for 4 years and they won’t help me get rid of this card. I offered to pay $600 to clear it – but they just laugh because I’m paying monthly between $35 and $50.

Should I quit paying and deal with a debt collector instead?



Dear Becky,

Boy, it sounds like Bank of America really screwed you over on this one. You started with a $500 balance and now you owe over $2,000 even with making monthly payments.

You have several options worth considering.

First, it is valid to let the debt go to an outside debt collection agency. They are often known to be much more willing to deal on charged off or otherwise uncollected debts. However, this approach also increases your chances that you might get sued along the way.

The second and probably more valid approach would be to enter a debt management program. BoA typically will reduce your interest rate to around 7% and freeze fees while paying back through a debt management program. Click here for debt management information.

Let me know which path you purse and if you find success that way. If not, I have more suggestions but let’s consider those first.

Get Out of Debt Free Hotline
debt settlement helpstudent loan help

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.


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.