Is Bank of America Helping People with Their Balance Liquidation Program?

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

I have put several of my accounts on Bank of America's Balance Liquidation program. I am happy to say that I am no longer accruing late and over the limit fees and that my interest rates were reduced considerably.

It turns out that I am not the only. According to Bank of America they have modified 1.4 million consumer and small business credit card accounts. Under the banks BLP program the modifications may include a rate reduction, elimination of fees or debt settlement.

Tom Home, from Bank of America's Proactive Account Review team says, "Customers want to pay their bills and maintain a positive credit history." Home also said, "We do everything in our power to help them get back on a more solid footing, while at the same time doing all we can to mitigate credit losses for the company. It is a delicate balance, but we have an extremely talented team committed to doing just that."

Although Bank of America did drop my interest rates I still feel they could have done better. Chase lowered my rates, as well, but they lowered them to 0.00%. They also waived thousands in interest, where Bank of America waived nothing.

The banks states that they helped more than 1 million consumer credit card customers last year alone with their loan modification programs and gave customers a new payment schedule, revised annual percentage rate or reduced fees. These are the same offers I received, but is that really all they can do?

One solution they offered a customer was an internal "fixed-payment" solution. With the fixed-payment program, the card is closed and the customer pays off the loan in full over 60 months with reduced fees. This customer supposedly had their payment dropped by more than half and he went from considering bankruptcy to being hopeful.

All of this sounds like exactly what I received, but only one of my payments were cut in half under Bank of America's plan. I have said this before that the bank didn't have to do anything, but when they talk about clients wanting to pay back what they borrowed, they are talking about me.

I am choosing not to file bankruptcy and I am working on doing the right thing. So come on Bank of America you can do better. Step up to the plate and do what Chase has done. Drop those rates to zero percent, waive some interest and fees, and maybe make those 60 months of payments to 72 months of payments. Or even more.

Bank of America's new motto is "Making Successful Home Owners". Let's make some successful credit card holders too.