I Have 3 Cards With Bank of America With High Interest Rates on Each. How Can I Get Out of Debt? – Becky

“Dear Steve,

I have 3 cards with Bank of America with high interest rates on each….I have had these cards for 10+ years. I have made maybe 2 or 3 late pmts in such time. As I am paying these down, they keep lowering my credit limit which in turn is hurting my credit scores because it looks like I’m always above the 50% of my credit limit. I just need a break….I can’t get out of debt paying 24% interest. They don’t want to lower the interest because my debt to income is hurting my credit scores. HELP!!!!!!!!


Dear Becky,

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I’m afraid you are suffering under the delusion that credit card companies are supposed to treat you fairly. THEY DON’T WANT TO!

Bank of America is not rewarding you for being a loyal customer or giving you bonus points for sticking with them. They are sticking it to you because they can. You are nothing more than a little number to the bank. They only give you credit to make money off of you, not because they value you or your business.

Your relationship with your credit card company is nothing more than a business transaction. Apparently Bank of America is sending you a clear signal that they do not value your business or you as a customer. Are you listening to what they are saying?

The 24.99% interest tells me that Bank of America has identified you as a customer they can raise the interest rates on to the maximum amount so they can generate as much profit as possible and hopefully make up a bit from their boneheaded lending mistakes which nearly brought down the bank.

You are absolutely right that the constant reduction in your balances is hurting your score since it shows the card heavily utilized, ‘maxed out’.

If Bank of America isn’t willing to be fair to you then I suggest that you stop letting yourself get abused. Take action. Get a copy of your consolidated credit report and see what is actually being reported about you. This consolidated credit report, the same one I use, will tell you exactly what adjustments you can make to improve your credit score or dispute incorrect information.

Once you’ve done that and shined up your score a bit, then switch to a different bank that will treat you better. You can find a more appropriate card for you by using this credit card search tool.

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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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