Credit Card Debt Rates

Question
Can I get government money to help reduce my credit card debt without affecting my credit score or reduce the interest rate that credit card companies charge?

Nope. You have to negotiate with the credit companies on your own to try to get them to reduce the interest rates.

2009-09-27 20:13:31 by Bobby D

www.letsforgetdebt.com - An excellent informative site and service to help anyone with credit card debt. A step by step video talking about the ...

I'm doing this report based on Credit Card Debt but I am so confused and really dont understand the effects and economic issues of Credit card debt.

What are penalty rates, unversal defaults?

ANd what are some economic issues revolving around credit card debt?

Yes, there is a lot of different kinds of information out there to understand about personal finances and credit.

There are many effects from having credit card debt, including having depression and being overwhelmed to being restrained because you don't have any freedom that comes with having disposable income. Some face contast bombardment from harassing creditors and some face bankruptcy.

Your credit report will reflect the numbers of debt. And from your credit report, lenders are less likely lend new credit and you may not get a loan for a car or a mortgage for a home.

Penalty rates are the fees that come from basically anything that you do with a credit card account. If you go over the limit, there is a fee added to the balance as a penalty. Do you want to transfer a balance, it's another penalty and fee. If you pay late, it's another. Universal default is one bank or lender of an account sees that you made a late payment, went over your limit, or when you do something like one of the previous examples of getting a fee added on to another account, and they decide to raise your interest rate.

Using keywords to do a google search would help you get a better picture of the whole picture of personal finance/credit. These keywords can include credit, credit card, interest rate, universal default, and credit.

Good luck on your report.

2008-05-16 14:21:53 by myh2yellow

Price: $9.99

I was wondering if the Credit card reform bill that's been making its way through the House and Senate will help people who already have high interest credit card debts? Is it going to be retroactive, or is it simply to help protect future credit card users, not those with current credit problems?

While the final bill has not been agreed upon between the House & Senate to send to the President for his signature, neither the House nor Senate versions of the bill have retroactive provisions. When the bill is passed, the rules will apply beginning on the start date cited in the legislation (sometime in 2010).

If you need help right now, take action immediately. Do not wait for this new legislation to be enacted.

Hope this helps. Good luck.

2009-05-20 10:27:12 by Randi

Price: $6.99

Credit cards maxed out, unemployed and unable to make minimum payments, probably headed to bankruptcy.
Will cancelling the maxed out cards effect the interest being accured on the debt, or will they increase at the current interest rate?
Also, are there any steps that can be taken to stop the high interest rates until some solution is found?
State of Florida. 1099 contract employee.
Thanks

First of all, sorry to say, you can not cancel a credit card that has an outstanding balance. The card issuer can cancel the account and no doubt will if you are not making payments.
Your only action would be to seek help from a reputable Debt Management Program, also known as credit counselors. Revisions to the Bankruptcy Code became effective October 17, 2005. These revisions require consumers planning to file bankruptcy to obtain, at their own expense, credit counseling services before filing bankruptcy.


Reputable credit counseling organizations employ counselors who are certified and trained in consumer credit, money and debt management, and budgeting. Those organizations that are nonprofit have a legal obligation to provide education and counseling.
Credit counseling often arranges for consumers to pay debts through a debt management plan (DMP). In a DMP, you deposit money each month with a credit counseling organization. The organization uses these deposits to pay your credit card bills, student loans, medical bills, or other unsecured debts according to a payment schedule they’ve worked out with you and your creditors. Creditors may agree to lower interest rates or waive certain fees if you are repaying through a DMP.

Here is a link from the FTC to locate a registered US Trustee Program
http://www.usdoj.gov/ust/eo/bapcpa/ccde/ DE_Files/DE_Approved_Agencies_HTML/de_fl orida/de_florida.htm

Hope this answer is of help to you
LEGAL DISCLAIMER: The answer provided here is intended for informational purposes only. It is not intended nor presumed to be legal counsel or professional legal advice

2008-09-08 09:04:19 by Comrade Coleman

I read the other day that the Federal Government recently cut the interest rates to banks. I called my credit card company and they told me my approx $65K of credit card debt is still at 29.44% and hasn’t dropped yet. When can I expect my credit card rate to drop? I am going to call my Congresswoman later on today but thought I would ask here first.

The Fed cut interest rates on homes, not credit cards. So you should refinance your house and pay off the high-debt credit card. Even if they offer you one of those interest-only loans, it's still a good deal. You can just refinance again in a couple years. Housing just keeps going up. I actually just refinanced again a few months ago so I could get a new Hummer. It's badass, man!

2007-12-13 08:55:31 by Balding HD Rider