Blindsided by the card companies

by donna
(el paso texas)

...that won't lower interest rates and are resorting to breaking up homes.

I have been trying to negotiate with my credit card companies for a lower interest rate as they were pricing me out of my payments. The results were not only no but maybe in a year or so we can revisit your inquiry.

The bottom line is this my husband was contacted about my account that i had not paid in six months. He was told that they were going to take our home, take our car, and garnish my wages. This was their answer to a lower interest rate.
Can they do this?

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Sep 29, 2009
Credit Card Rate Hikes
by: Gerri


I am sorry to hear what a difficult time you're having. Unfortunately millions of Americans have seen their rates go up, and like you, they are often finding it nearly impossible to get them back down.

One options that can help is working with a reputable credit counseling agency. When consumers enroll in a Debt Management Program, their rates are often lower, and they may get penalty fees waived as well. Given that you are already six months behind, however, I doubt they will be able to help much.

Instead, you may be in a position to negotiate your debt, or depending on how much you owe and your resources, may need to consider filing for bankruptcy. It wouldn't hurt to talk with a bankruptcy attorney who can explain your rights and options.

In terms of the call your husband received, however, I would urge you to talk with a consumer law attorney immediately. You cannot be thrown in jail just because you can't pay a credit card bill. And in most cases, a creditor or collector must take you to court and get a judgment before they can garnish wages or attach a bank account. The attorney can explain your rights and options, and the initial consultation should be free.

Come back and comment on your post to let us know what happened, OK?

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