about 3 years. She buys everything on it and tries topays it all off at the end of the month - no check book to keep track of. She had a large car repair bill last month and was unable to make her card payment. Her credit card bill came in today and along with plenalties, her interest rate jumped to 33% from her normal 12.9. Now a 3rd of her monthly payment is interest. How can they do this and aren't there Usery Laws. What can she do? She just makes ends meet as it is and her family isn't any better off.
2007-10-03 14:23:42 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
According to the terms of her agreement, missing a payment put her in default status. That means the interest rate jumps.
The only thing she can do is pay the card off.
2007-10-03 14:37:25 · answer #1 · answered by bdancer222 7 · 2⤊ 0⤋
Unfortunately they can, they have no mercy, especially when you don't pay as agreed. Always read the small print.
Some people don't realize that even if they pay accordingly, the APY can increase. Always read your monthly statement... and read it. Keep a close watch on the APY.
Have her call BofA, if she is always paying her balance in full it should not be a problem negotiating her previous APY rate of 12.9.
Moreover, if she has a good FICO score, she should not have a problem transferring her Bofa CC balance to another CC provider with a lower rate. Watch for the ones that are offering a very low introductory rate for transferring a balance.
Good luck!
2007-10-03 15:06:12 · answer #2 · answered by Anonymous · 2⤊ 0⤋
She should have atleast made the minimum payment. I hope everything works out for her
2007-10-03 14:54:21 · answer #3 · answered by roopali b 3 · 0⤊ 0⤋
Tell her to file bankruptcy if she has enough debt to. It's not as bad as they say.
2007-10-03 14:29:03 · answer #4 · answered by ? 3 · 0⤊ 4⤋