I have a very high balance on my credit card, I was late for 20 days and they charged me the maximum APR @ 34% a year. I am paying almost 400.00 in interest every month.
I am reallt thinking in just stop paying the card or file bankruptcy.
But before I do this is there any other option, which one is the best?:
1 – Be in default for 2 months and them call and try to settle an amount?
2 – Call them right now and ask to reduce the interest rate to the previous one (it was 9% APR) (Even though I was late on my payments and I used all the remaining credit?)
3-File Bankruptcy
4-Just dissapear and wait 7 years to have a new credit history.
Thank you
If they say they cannot lower my APR it is a good idea to tell them that I will simply stop the payments, and even though the oustanding credit is very high I don’t have a house in my name, I am unemployed (they cannot garnish my wages), I don’t have a car, meaning the only one that will loose something is the credti card company.