Subscribe to our mailing list

X

I Carry Very High Balances On My Credit Cards. – Joyce

By on April 2, 2010
I Carry Very High Balances On My Credit Cards. – Joyce

Joyce

“Dear Steve,

I CARRY VERY HIGH BALANCES ON MY CREDIT CARDS,AND ALWAYS MAINTAIN TO PAY MORE THAN THE MINIMUM (NO LATE PAY EITHER).

WITH A FEW BANK MERGERS, I’M RECEIVING A CHANGE OF RATE FROM FIXED TO VARIABLE APR..AND IF I DON’T AGREE CLOSE THE CARDS,WHICH IN TURN LOWERS MY CREDIT SCORE.I DON’T KNOW WHETHER TO AGREE OR JUST THROW IN THE TOWEL AND FILE BANKRUPTCY.

THERE IS ALWAYS HOOPLA ABOUT CALLING YOUR CREDITORS FOR ASSISTANCE, BUT THEY NEVER SEEM TO WORK WITH YOU WHEN CHANGING THE TERMS. NOT ONLY DO THEY CHANGE THE TERMS, BUT STRIP YOU OF ANY BONUS POINTS YOU MIGHT ACCRUED UP TO THAT TIME IF YOU DON’T AGREE. IS THAT LEGAL?

Joyce”

Dear Joyce,

Nearly everything in the relationship between you and your bank is determined by the cardholder agreement that you signed or was unilaterally modified by the bank.

I have seen clauses in those agreements about losing your bonus points if you are late, delinquent or if you close your account by not agreeing to the new terms.

I don’t think the issue here is the change in interest rates, it’s the large balances you are carrying that is of most concern.

If those balances have built over time and you are unable to pay them down, then you are already headed on a one way trip towards bankruptcy. If you can afford the monthly minimum payments but want to get your interest rates reduced than consider clicking this link for a debt management program. The debt management program may be able to get your interest rates reduced during your period of repayment but it will hurt your credit as well.

morehelp1
READ  How the Soldiers' and Sailors' Civil Relief Act Can Help You

Last step, fill out the information below or call us for Priority Assistance.

What problems are you having with your report?

Your first name is required. Your first name is required to be at least 2 characters. Your first name cannot be longer than 50 characters.
Your last name is required. Your last name is required to be at least 2 characters. Your last name cannot be longer than 50 characters.
Your email is required.
Your phone is required. Your 10 digit phone number is required.
Your state is required.
Your age is required. Your age must be greater than 18. Your age must be less than 100.

By clicking on the "Contact Me" button above, you consent, acknowledge, and agree to the following: Our Terms of Use and Privacy Policy and to receive electronic communications. We take your privacy seriously. That you are providing express "written" consent for Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS - charges may apply), even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list. Consent is not required as a condition to utilize Debt.com services and you are under no obligation to purchase anything.

By clicking on the “Contact me” button above, you consent, acknowledge, and agree to the following: (1)That you are providing express “written” consent for Lexington Law Firm, Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS – charges may apply), or dialed manually, at my residential or cellular number, even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list; and (2)Lexington Law’s Privacy Policy and Terms of Use and Debt.com’s Terms of Use and Privacy Policy. Consent is not required as a condition to utilize Lexington Law or Debt.com services and you are under no obligation to purchase anything.

About 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.

Share a Comment / Leave a Reply

%d bloggers like this: