I had a Citi DoubleCash card with an $11,000 balance at 22.99% interest. My monthly payment was sitting at roughly $300 and for the first time since I’ve had the card, I was unable to make the minimum payment.
I contacted Citi over the phone and explained my situation. I didn’t have the funds to pay the minimum, and probably wouldn’t have the funds for at least another two weeks.
Honestly, I was expecting them to tell me there was nothing they could do, and I’d be stuck with the penalty APR and late fees. However, to my surprise, they offered to lower the interest rate to 0% and drop my monthly payment to $190 which I would pay monthly over the course of five years until my balance is paid off. They also canceled my card, which I guess is a downside, but I had no business charging the card any further anyways, so I gladly accepted their offer. I asked them about any negative reporting to the credit bureaus, and they stated that as long as I paid every month, nothing negative would be reported.
Can’t even begin to explain how happy I am. For the longest time I saw no way out of this hole. Finally though there is some light at the end of the tunnel. If anyone is struggling with credit card debt, I’d suggest you just give your lender a call and let them know what’s going on. You might be surprised with what gets offered to you.
Edit: I’d also like to say that if you do decide to try down this avenue, definitely consider rejecting their first offer. The first offer they gave me was 5%/$250 month/5 years. I immediately rejected that and they came back with 0%.
Submitted July 14, 2021 at 08:22AM by LogicsGhost https://ift.tt/3BcH6wO