Card Issuers are Crazy

06 Jul Card Issuers are Crazy

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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Cathy Moran, Esq.

I'm a certified specialist in bankruptcy law (California State Bar Board of Legal Specialization) practicing in the San Francisco Bay Area for more than 30 years. In addition to practicing bankruptcy law, I train new practitioners at Bankruptcy Mastery.
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