Card Issuers are Crazy
By Cathy Moran, California bankruptcy lawyer on Jul 6, 2007 in General Bankruptcy Information
I saw a new client today who owes twice as much in credit card debt as she makes in a year. She has 5 cards with $10-$15,000 balances each. She told me about a phone conversation she had with Citibank in the month before she came to see me.
The card issuer’s representative looked at her $15,000 balance and said: “You must be doing well. We’ll lower your interest rate to 5.59% for all the new charges you make in the next six months. We don’t want you to go to another card.”
Apparently, ability to pay the money back never entered the creditor’s equation. Go figure….
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