surprised by banks responce

Discussion in 'Bankruptcy' started by don, Mar 22, 2009.

  1. don

    don Guest

    I recently wrote a letter to a bank holding one of my credit cards
    explaining my difficulties and requested that they lower my card's
    interest rate......... hinting at bankruptcy...... to my surprise they
    didn't budge on my rate.

    I would think that any bank would rather lower an interest rate rather than
    get nothing at all?

    don, Mar 22, 2009
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  2. don

    mugglefuggle Guest

    You spoke to a call center, and the operators had no authority. There
    is now something of a cartel of card issuers, and many are raising all
    rates to a higher level and will just as soon you leave as not.
    Citibank is one of the worst.

    If your credit is still good, shop around. Otherwise you can play
    hardball and offer them an immediate lump-sum payoff and promise you
    won't file bankruptcy for 90 days (they can't enforce that promise
    anyway; if you did the court could claw back the payment).
    mugglefuggle, Apr 5, 2009
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