I am very sorry to bother you, but we are just about dieing keeping up with our credit card bills each month. I have NEVER missed a payment or been late, but now Bank of America has suddenly doubled my interest and minimum payments on the two accouts which I have with them. They refuse to lower it, in spite of my continued honest dealings with them in paying my bill.
We cannot file bankrupcy and have no other choice but to stop paying our credit card bills. I live in Texas where I am told that they can do a lot of things to us (file leans on everything, etc.) but that they cannot take things like they can in other states.
I wonder if I should stop paying just the Bank of America, who unjustly went up on us, and keep on paying the others with whom I have some very good rates (3.9% for life, 4.9% for life, 7.9% ect.) and wait until they raise my rates, or do I just go ahead and stop paying on all of them, and save up our money until the future when we will have some money to pay, if they wish to make
Date: April 3, 2007, 12:32 pm
To tell the truth, stopping bill payments is not a good idea, as you may run a risk to get into debt, and anyway you`ll have to pay all the missed bills. If you possess a positive credit history and if it is impossible to make the terms more preferable, you can apply for a balance transfer credit card. In this case you'll get an opportunity to transfer several of your balances (usually not more than four) onto one credit card with the lower interest rate. So, if you have good-to-excellent credit, you can choose among our balance transfer credit cards
. You may choose another variant - close the accounts, which you think are not profitable. But it is better to think twice about canceling your credit cards, as having longstanding accounts with good payment histories can help your credit score. If the credit card account has no negative items, there is probably not necessary to close it. So, it`s up to your to decide which variant is best for you, but skipping bill payments won`t do any good to your credit history and your budget.
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All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.