Well here we go again at another go around of paying off six figures of debt. The first time around took me five years and that is what I am expecting to happen again this time.
As we have discussed before so many of my friends and family members are throwing in the towel and filing bankruptcy and letting their homes go. I will admit the last time I was in this much debt I had really considered bankruptcy and I have definitely considered it again.
My thinking though is I paid of my six figures of debt before and I can do it again. There are a couple of differences between this time than last though. The first go round I was never late on any payment. This time I have been late and I am going to need some help.
So I have started going down the line and began calling my creditors. Starting with Bank of America.
Bank of America offered me a what I thought was a generous five year repayment plan. Lowering my interest and payments. I have three personal accounts and have begun working on two of them. The first one was a credit card with an interest rate of 27.99% and a payment of $820. This card now has an interest rate of 2% and a payment of $450. The second is a credit line that had a 17.99% interest rate and a payment of $279. This line now has a rate of 5% and a payment of $210.
Next I began working on Chase. Chase offered a similar plan, but a way better deal. First off Chase dropped my interest rate to zero. Did you hear that? Zip, Zilch, nada, not one cent. They offered me the same five year plan Bank of America did, but not only did they drop my interest rate to zero, they took off all the interest and waived any late and over the limit fees. Now that's what I call working with your client.
Bank of America did not have to a thing for me. They could have just sent me to collections with no deal whatsoever and their deal was better than what Consumer Credit Counseling could have got for me, but for being a twenty year client with multiple loans you think they could have done better. I guess at least it's better than nothing.
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