I have 4 major credit cards. After moving to another state I racked up $25000 of debt. My rates increased from 9%/11.99% to 29.99%. The credit company informed me they can increase my rates when they feel like it although I have never never made a late payment. Ive called three times to get a reduction...no luck. Should I file Chapter 7 bankruptcy??I cant keep paying $1000 a month to have it only apply to interest. The cards will never get paid off.I have been declined for a personal loan twice. I make about $6-$8 thousand a month but it barely covers my bills. What can I do??
credit card bills
1 Comments:
Yes, a credit card company can raise your rates if they believe their risk is increasing. A chapter 7 bankruptcy is probably not an option, since your income is probably over the means test limit. Therefore, your logical options would probably be continuing to repay them on your own, filing a Chapter 13 Wage Earner Plan, or talking to a credit counselor about filing a debt management plan.
By Bankruptcy Expert, at 1:29 PM
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