The Balance Liquidation Program is designed to help you repay your credit card debt in five years with a reduced interest rate. After my first go at a budget I had determined there was no way I was going to able to pay all of my creditors without some help.
Bank of America was the first creditor I began working with to payoff my six figures of debt. They took all of my expenses and income into consideration to determine how much I could afford to pay towards my debt.
I initially was pretty happy with what Bank of America had offered me. On one card they lowered my interest rate by 26 percent, the other by 13 percent, and this last one by 9 percent. They also waived any over the limit fees from now on.
My payments in some cases have dropped by as much as half. So I didn't think that it was all that bad deal...at first.
When I moved on to my credit cards with Chase I was floored at what they offered me. First off Chase did not go into as much detail with my expenses as Bank of America did. Next they offered to drop my interest rates to zero percent. But the greatest part of it all was they waived thousands in interest and late and over the limit fees.
Either way Bank of America didn't have to do anything. They could have sent me to collections or charged the account off. But again I would not be able to pay back my six figures in debt without it and it did fit into the budget. I just wish Bank of America helped a little bit more compared to what Chase offered to me. Come on Bank of America you could do better.
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
We Also Suggest:
- Bank of America's Balance Liquidation Program (BLP) Still Sucks
- Kudos to Chase...Bank of America Can Suck It
- Chase's BLP is Awesome...Bank of America's Sucks
- What's the Best Way to Pay off My Credit Card Debt If I Have a High FICO Credit Score ?
- How did This Economic Crisis Start?
- Should I Use My 401K to Pay Off My Mortgage?
- Should I Take Out a 401K Loan to Pay Off My Credit Cards?
- Chase's Balance Liquidation Program is Fantastic