How can I settel credit card?

Question

I have applied for a 0% APR credit card until August 2008 from Chevy Chase Bank, the creditor is USA First. I have been told my minimum monthly payment would be $18.00 which It nebver happened. Now I have $6981.65 balance on my card. As a matter of fact i have applied for this card to pay my tuition and I was busy with my study and did not check the changes happened to my rate. Now the interest rate is 28.99% and I am getting hit with major amount of finance charges and late fees. Any advise will be appreceiated. Thanks

Answer 1

change to another 0% interest card for 12 mths, some have small balance transferes, that will keep the interest payments off, some cards offer 9mths or 12 mths free balance transferes, you can go on line and choose the best credit card company to use

Answer 2

Oh my.....you're gonna get hit with the interest hammer. Your intro rate is expired and  you have a mega balance.

Call the card company and don't allow anymore charges..ask them what the monthly minimum is and start paying it...if you can afford more do it....whatever you do don't let it default and go to collections.....you'll be so sorry.

Answer 3

You obviously didn't read the fine print.  If you are ever late with a payment, or over the limit, they can drop the 0% and move to a very high interest rate.  And the payment is based on the balance, so the higher the balance the higher the payment.  

You are setting yourself up for some bad credit.  You need to pay on time every time and the minimum payment or you will have  bad credit on your credit report for 7 years, this will cause problems for buying a car, a house, even getting insurance.  

Do not EVER use a credit card to pay tuition, get a student loan.  They aren't due until after you graduate.

Answer 4

Talk to them right away! If you don't pay and avoid them, they might ask for the amount in FULL! Call them and ask about their payment assistance programs. Tell them you are a full-time student.... If that does not help, get a student loan through the government to cover this. It is for school after all. Their rates are A LOT lower and if you can't pay you can get them "deferred".... And they aren't due until after you are out of school.

Answer 5

maybe you can get a different credit card with a lower interest and transfer your balance. some companyies even offer stuff like 0% apr on transfers for so many months. sometimes you can call the company and tell them you want to settle and you are ready to send out a check today and sometimes they will deal with you. i had to settle a 1500 debt with sears for 750. half of what i owed

Answer 6

RUN AWAY

Answer 7

Just cause the BOLD print said that, doesn't mean the fine print stated the same. It depends on what is owed, what your income is...many factors and they are all stated in the fine print. Do you have a checking account? If so, check with them to see what they have available as far as low interest rates. You may be able to refinance college loans and add the credit card in to pay everything off.

From now on, read EVERY single line in the offer. Most I have read clearly states that 2 late payments automatically get you the higher interest rate---which is Prime plus whatever they want to charge--usually 2%.

Answer 8

You need to contact your credit card and tell them you want to freeze your debt and start paying a certain amount each month. Then try getting another credit card with a longer 0% APR. then move your amount around.