Monday, January 12, 2009

Credit Card Hope

Well after the beating yesterday, today is a little better.

When I lost my job in October we quit paying on Bob's CC. It was the highest balance with the highest interest, and the highest minimum payment. Then Bob lost his job. Something had to give. We have never missed a payment on that card since we got it 5yrs ago. And have paid it to zero a few times. (Why did we not leave it at zero?!) Well after a month the calls started coming. I avoided them like the plague and my stress levels went through the roof. Nothing like getting hounded at 9pm on a Sunday night.

Today I got the courage to answer the phone when it rang for the 3rd time. It was our BOA CC. He thanked us for making a payment in October and wondered what had happened because we had never missed a payment. I told the nice man that my husband and I were out of jobs and just didn't have the money. He then put me on hold and when he came back he said he could help us.

He stopped the late fees and over the limit fees. He lowered our interest rates from 28.99% to 6.5%. And he lowered our minimum payment from $450 a month to $220. I heard the angles sing! :) In addition after four payment our credit standing will be changed back to good! He said that with these payment that if we don't miss any more we can have the card payed off in 5yrs. 5yrs is a long time but I full intend to start snowballing our money when our income tax arrives. So I don't think it will take 5yrs.

I was so encouraged by this. I called my student loans and got them all deferred for 1yr due to economic hard times and I am going to use the money that we would have had to pay towards them and pay it towards our CC debt. I also plan on calling our other 2 CCs and see if they will also lower our intrest rates, since we have not missed a payment on those.

In addition I am now able to get my full time hours back and when Bob gets a job we will be doing much better as far as our debt goes then we were when he got laid-off.
Big sigh of relief to not have them calling every hour every day.

4 comments:

  1. WOW! Way to go. I am glad he was so willing to work with you and you can now breath a little easier.

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  2. I'm glad they were willing to help you!

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  3. Yay! I always say - it's better to answer & tell them SOMETHING than to let them assume the worst. I'm so glad they're willing to work with you! Yay for getting your hours back too! Things are looking up - hang in there!!!

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