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credit card debet
mac3333
Posts: 2 Newbie
in Credit cards
i have found myself in a problem ,i have four credit cards, and they have just sent me a letter saying the interest is going up to 25% and this is going to be more than i can pay what can i doas it is becoming a nightmare?
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Comments
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i have found myself in a problem ,i have four credit cards, and they have just sent me a letter saying the interest is going up to 25% and this is going to be more than i can pay what can i doas it is becoming a nightmare?
Read the letter again?
I'd be surprised if it didn't tell you you can opt out of the interest rate increase.
The downside is that by doing so you won't be able to spend on the card any more and the account will (probably) be closed when the balance reaches zero.0 -
You have a choice. Stop using the card and you won't be charged the new higher rate.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
You have a choice. Stop using the card and you won't be charged the new higher rate.
You need to formally reject the rate rise. Simply stopping use of the card will not stop the rate rise being implemented.We need the earth for food, water, and shelter.
The earth needs us for nothing.
The earth does not belong to us.
We belong to the Earth0 -
Read the letter again?
I'd be surprised if it didn't tell you you can opt out of the interest rate increase.
The downside is that by doing so you won't be able to spend on the card any more and the account will (probably) be closed when the balance reaches zero.
I have cut up the cards so i will not be using them, the prolem is i haave been struggling to meet payments because i dont want to get on my credit file that in in default so how do i phon next?0 -
I have cut up the cards so i will not be using them, the prolem is i haave been struggling to meet payments because i dont want to get on my credit file that in in default so how do i phon next?
You need to contact the credit card company and formally reject the interest rate increase. Cutting the card up isn't enough.
And, perhaps, now is a good time to pop in to the Debt-Free Wannabe forum below this one and seek advice there.
Maybe it's time to consider drastic action if you're struggling, rather than put if off until the inevitable happens.
Everyone's case is different and it's best to seek advice about how to handle yours.0
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