Jul-13th-2009
Credit Card companies willing to take less?
Funny how things work out against the credit card companies. I was speaking with a client the other day who had missed one payment on their credit card. They were one day late and the bank, automatically jumped their rate from 0% to 15%. Talk about a gouge.
Can you imagine if you were lended money by your bank for a mortgage loan and they took your rate from a 5% to a 15%. The credit card companies are allowed to do it. Its in your contract. Look it up sometime.
Here the fun part. If you miss several payments your bank will at somepoint think that they aren’t going to get any money. Usually at around 9 months. Then they will take Half! Credit card debt can be reduced, if you have the patients.