I made late payments a couple of times on my Bank of America Visa card. Now my interest is at 27% on $11,000.00. I cannot afford the payment minmum that they require.
Should I try to talk them into lowering my interest rate back to a something more reasonable? Does that usually work?
You can always call and beg for a lower interest rate. The worst they can say is no. What concerns me most about your question is that you can’t afford the new minimum payment. If they don’t lower your interest rate you are slowly headed for trouble here.
You may want to consider contacting a debt management company and enrolling in a debt management plan (DMP) to get your interest rate lowered. Just be aware, while this will lower your interest rate, the card will probably be closed and it could hurt your credit report a bit. But then again, what are the options, sinking into a slow financial death on a payment you can’t afford?