interest rate

I’ve been with this company’s card for years. I was out of the country a couple months back and missed a payment. The interest rate shot up to 27% and they said they could not lower it back. They said, I should try again and ask them in a few months. Anybody else with a better solution? I would switch companies in a heartbeat, but I have quite a sizeable balance, and at this point, I don’t want to apply for another card with someone else as my credit has been blemished in the last 6 months with delayed payments, etc.

I have a couple of Chase cards that I am desperate to pay off-they are really quite wretched. I also had a late payment and my rate jumped from 14% to 24%! One late payment on a card that’s at least 4 years old! On the other card, I paid it off, then was forced to use it again before I closed it. They penalized me for paying it off!! That card jumped to 24% also!!

The one card that I’ve had the longest and have never had any problems with is Capital One. My husband has a card with them for business and it’s the same story. They have been most helpful! I don’t know if they can help you, but it might be worth a try.

Yes, I would definitely call and see if they will lower your interest rates or take a lesser amount now as a full payment or defer payments… Especially if you haven’t missed payments up to now. Make a case for why you have the hardship you do and why it is likely to continue. Figure out what you are able to pay a month after making this 1798 payment.

As far as order of paying off with what you have on hand there are many ways you could apply the money. If calling your creditors succeeds in getting the payments lowered to fit with in the amount you have… then YEAH! If not… Here are some ways to apply it…

  1. Highest Interest rates first… (saves you the most in the long run).
  2. Smallest First… Makes you feel like you have paid off the most bills and gives you momentum to keep paying. Leaves you $813 on the large bill to pay…
  3. Largest First … You can pay the others off more easily and may feel like you are not under the same load. You will have these left to pay: $270,203, and 350 plus $188 left of the 570.

Make sure to pay your minimum payments on the ones you don’t pay off…… Good luck.. Hope this makes sense.