Saturday, April 13, 2024
    HomeVerified WritersPhyllis29.99% You've got to be kidding me!

    29.99% You’ve got to be kidding me!

    That is what it will cost you if you are late making credit card payments. Take it from me. Someone who is living that right at this very moment! How in the world! To pay $180.00 in finance charges on a 7000.00 credit card balance with a min. payment due of 250.00…and rising gas prices, how does one even pay that? Please explain it to me. Sure, you can cut back on things, but seriously, is it going to even make a difference in what you owe? I was seriously looking around my home trying to figure out what I can sell! Anyone want a broken dining room set? How about a couch with tears in the fabric from when I thought it was safe to put a running vacuum on the cushion to clean it, come to find out, it ruined my material? Oh, I got it, how about selling the coffee table and end tables that my mother in law gave us 15 years ago that we still use in our living room that has wet cup ring marks, and artwork from when the kids thought it was fun to write on them with markers? Or, I know, the 19″ television that still works but is about 18 years old and with the new digital stuff going on, you need to have a box or whatever to make it work? Or the swingset in the backyard that the kids only play on because there is nothing else to do? Yes, selling old stuff…will cover about half of what I am being charged in interest. What about next month? What do I sell then? Old gold chains that we don’t wear anymore?

    Ok, so how do you get rid of that high finance rate? I am looking for people who have a high rate card now, or have had one and was able to get it lowered. I am looking for people who were able to get themselves out of the debt hell hole and are living care free right now. I am looking for those who have suggestions and are willing to share their experiences, either past or present. I really want to know how to best handle our troubled finances without having to fall victim to bankruptcy.

    Hell, to make it fun, I can offer to send you a paper clip if you provide me with a self address stamped envelope! Perhaps you can use it to clip all your crappy high financed credit card bills together so you too can sit there with a puzzled look on your face every week!


    1. I deal with credit, credit cards, debt, and high interest rates on a daily basis. I am usually good for some ideas. First, I have a couple of questions for you.
      1. Why would you charge that much money on a card with a 29.9% rate? I am guessing that is probably the penalty rate for being late on the minimum payments, but I have been wrong at least once before (don’t tell my wife).
      2. What is your total monthly debt? Car, Cards, Rent, and so on. Not utilities and food, just real debt.
      3. What is your gross monthly (income before taxes)?
      You have thought about bankruptcy, or at least mentioned it. I am not a lawyer, but I do have a lot of experience with bankruptcies. If you have any questions, let me know how I can help.

    2. Have you called the credit card company yet? That’s all it took for us. They went from 21.99% to 14.24%. I plan to call again in 6 months and see if they will go lower. Good luck! If you are looking for a blog of someone who has recently become debt free, try

    3. Thanks for your replies!

      It started at 7.99% when I first got the card and it is a business credit card and was used only for business related purchases. Well since then our business was forced to close it’s doors and with that, it left us with a $7000.00 expense. It was a result of lateness on our parts simply because we didn’t have the money to pay it and was waiting for things to transfer from one account to another so it was, sad to say, late a few times. I noticed it went up with each late payment, from 7.99% to 14.99%, which was still ok back then, but then it went to 21.99% and now at it’s top at 29.99%.
      I still intend on calling them and seeing what can be done. Now, my husband has a business account with the same company and his rate is at 7.99% so if all else fails, we will mix the two businesses and add it to the lower rate card and I can just keep deducting my portion from his so I can keep track of what my closed business actually owes.
      Other than that, I can just call them every day to see if I can reach someone who is willing to offer the help.

      I will call on Friday and report back with what I was told.

      Thanks again for the nice, helpful comments! 🙂

    4. Ok, so the call was made and I was able to get it lowered from 29.99% to 19.99%. What I have decided to do is to make the monthly payments ON TIME for the next few months and call back to see if it can be lowered any more. If not, then I may have to transfer it to my husbands account for the duration of the balance. How does that sound? As you can imagine, I fell off the chair seeing 29.99% lol….let’s not have that happen EVER again!!!

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