Question
I keep hearing about people calling their bank to get them to get a lower mortgage, what is that about?
I have accumulated some debt & I am ready to pay it off now. I own $109,000 on my mortgage, $80,000 on an equite line, $30,000 to bank of American credit & almost $8,000 to another credit card......B of A took advantage of my situation. They offered me checks that were at zero percent but they were not supposed to go up to a higher rate until the end of Jan....actually the rate went up mid-Jan....so then they put the rate up to 27.99%.....I paid them a couple thousand dollars but it was like they were trying to bankrupt me so I stopped & only paid them $10 a month....then when I went on a trip & was at the counter to get my rent a car the other credit card co. declined me. I was shocked they lower my line by about $1000. so I was in a state I wasn't familar with left with no rental car....I had just paid them over $2000 within the month thinking it would cover my trip expenses so I got the airline tickets but they wouldn't let me get the car rental. So I had some tense moments but I found a much cheaper rental co. & have a car now.....So what is the best way to handle my finances....I love where I have traveled to & know I could sell my house & I assume get $325,000 net. So I could pay off my house & still have $97,000. Yet the Chase/Visa credit card co. left me at the car rental counter like I was a robber. I have never ever been late for a payment or not paid them so what is going on....I am wondering if anyone who knows more about this can give me insight....I explained to them I just needed them let me get the rental car & would be home in 2 weeks & back to work but while they said they believed I was going to pay them they told me NO. What would be the best thing I can do to re-organize my finances.....My son moved to a beautiful area of the country. I feel like selling the house (I love it, 1/2 acrea, 2200 square ft. split foyer, total peace) but I could pay everyone off & take my $90,000 or so & start all over. What other options do I have. The credit card companies seem like they want to bleed me dry.
4 months ago - 3 answers
Best Answer
Chosen by Asker
Your question has no short answer, but to comment on what you've experienced with your mortgage and credit cards I can definitely speak from a position of knowledge. While it seems your credit card companies want to bleed you dry, they are simply trying to adapt to changes as well. Like it or not, you have to pay for the losses that they incur from people that havent been as diligent in paying their bills. While it doesnt seem fair it's always been that way (why do you think the interest rates are higher for credit cards than mortgages? Because they're higher risk, even though that risk may not end up materializing with you). People have been able to get mortgage modifications lately to help stop the economy from sinking but no bank or lender is required to modify your loan, especially if you can qualify for a refinance instead. Again, it may not seem fair and you (and myself included) may not agree with the way it's determined who does and doesnt qualify but that's just the way it works. It seems like you are playing with fire with all the debt you have been carrying and may want to consider that idea of moving to the country or whatever. Credit cards are not like loans....they can change at any time. It's always been that way but it wasnt until now that companies started utilizing that language in the fine print to their advantage. These are all For-profit companies so I guess you cant blame them for running a business but you have to look out for yourself too and do whats best for you. Look up a guy named Dave Ramsey (he has many books, seminars, and is on the Fox business network and XM radio), he has a fantastic way of explaining how to live a better more stressfree financial life. Good luck and id love to hear more about what you decide...let me know!
by CSUflyer
4 months ago
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Other Answers
Sell your House 2 me for 1,000,000 D O L L A R S :)
by Wiitarded Man- 4 months ago
Never late nor not paid yet earlier stated only paid the credit cards $10, hmmm You assume you could get $325K for your home suggest you get an appraisal. Sorry this post cannot be real no one is this self centered, this egotistical, and this ignorant in thinking they are the queen of England. Thanks for the laugh
by Pengy- 4 months ago