We'll never get out of debt!

Avatar for cherfer
iVillage Member
Registered: 11-11-2003
We'll never get out of debt!
8
Fri, 07-29-2005 - 6:08pm

One of my boyfriend's credit cards keeps raising his interest rate every month, and another one of his just sent him a letter saying they had been bought out my MBNA and they will probably be raising that interest rate too. We had some of my debt transferred to that card because the rate was so much lower than mine, but now who knows how high it will be! We just moved to a more expensive apartment so we definitely do not need this! Is there anything he can do? My interest rate is already at 20.99% so there's no hope for me...

Cheryl

Avatar for mymartes
iVillage Member
Registered: 03-26-2003
Fri, 07-29-2005 - 6:21pm

you could try to get a consolidation loan from the bank. however, I think that require that you cut up and close your credit cards.

i'm sure others will post with more advice/suggestion.

MYM

Avatar for cherfer
iVillage Member
Registered: 11-11-2003
Fri, 07-29-2005 - 6:26pm
I already cut up and closed my credit card, but he kind of needs his for emergencies like car maintenance (his salary is a little low right now)... maybe I could get one for mine? Do you think I could get a loan for $6,000 with less than 20.99% interest????
Avatar for mymartes
iVillage Member
Registered: 03-26-2003
Fri, 07-29-2005 - 8:15pm

Have you shop around some banks? Perhaps you can start with the one you do your banking at?

MYM

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Fri, 07-29-2005 - 8:28pm

How long are you locked into your apartment?

All my best,
Danni

iVillage Member
Registered: 07-01-2004
Fri, 07-29-2005 - 8:50pm
I hope this helps you. When my dh and I had a lot of cc debt and the cc company wanted to raise our interest rate we would close the account out at the old interest rate. Make sure if you talk to someone at the cc company you tell them to send you a confirmation in the mail that it was closed at the old rate. I did this with several cc so I know they will do it but they of course dont want to so you have to ask for it. Good Luck. Leanne
iVillage Member
Registered: 12-12-2004
Sat, 07-30-2005 - 1:26am
Hi, Cheryl. Oh, that mantra "I will never get out of debt". We have all said it at some time, and will probably say it again. However, there is light at the end of the tunnel, and it is NOT the oncoming train! DH just signed up for a O% interest card for not just the balance transfer, but the life of the card! The cc's want your business by keeping you in debt. Call them. Write them. Tell them you are thinking of transferring your business to another competitor. See if they will lower the interest rate. Whiz.
iVillage Member
Registered: 10-06-2004
Sat, 07-30-2005 - 10:08am
Hi Cheryl! As the other posters said, you can and will get thru this. We've all been there. Have you tried a credit union for debt consolidation? They normally have a very low interest rate and just a few bucks to join. I've been with my CU for over 25yrs. My DP joined thru me and it's only $10 for each to keep the accounts open. Just remember, and this too shall pass! Take care and good luck.

 

Avatar for cherfer
iVillage Member
Registered: 11-11-2003
Sat, 07-30-2005 - 12:03pm
They won't. He has called them and they said it is a certain percent "over prime" and it changes every month. They will not lower it and he wouldn't be able to get as high of a balance on a new card.