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I Am 60K in Credit Card Debt And They Are Raising My Interest Rates. – Teresa

By on April 24, 2010
I Am 60K in Credit Card Debt And They Are Raising My Interest Rates. – Teresa

“Dear Steve,

I am in 60k in credit card debt. All payments are current but am reaching the point where the payments could start slipping. I’m receiving notices from the credit card companies that terms are changing. With this kind of debt, I could be in real trouble soon. I need one payment and then cut up the credit cards.

Teresa”

Dear Teresa,

Most likely what will happen is that your interest rates will get jacked up to the max and you will no longer be able to afford your payments.

I’d suggest that you enroll in a debt management program right now to get your rates down to the lowest levels that the creditors will offer. If that is not sufficient for you to get by then a more drastic solution may be necessary. Check the debt management option and come back and let me know if that works for you.

Unfortunately the raising of interest rates by credit card companies, in turn raises minimum payments which just makes it impossible for you to make payments. If the creditors lowered your interest rate instead you would not have this problem.

Creditors are stupid, what can I say?

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READ  Bank of America is Charging Me 27% on My Credit Card. - Melinda

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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.

One Comment

  1. bankbasher

    August 12, 2009 at 9:39 am

    How do the banks get away with the BOE or FSA not telling them to reduce the cost of credit cards its at an all time high and crippelling many people.

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