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Re: Help with High Interest lines of Credit Jan 24, 2008 7:41 PM
Hey Greenbiz, sorry about the layoff. But the first thing and no offense is not to blame the bank. You made purchases on the line of credit and credit cards, so unfortunately you are responsible. Don't blame the bank for wanting their money, if you extended credit to a client and they used it, you'd want your money too.
Now for what you should do:
Bank of America like most banks hate to write off debt, they want to get paid and in most instances will work with you to get at least something, rather than writing off the entire debt, which doesn't look good on their balance sheet.
Ask to speak to your account managers supervisor and explain the situation. If you lay out your finances and they realize you can't make the payments based on the current rates, they are likely to reduce the rates - even if its a short term rate reduction, it will help.
If your account manager is unresponsive, speak to someone else. Bank of America is a huge company. Your account manager probably has 30 bosses over him/her. Speak to the right people, trust me someone at Bank of America will be smart enough to work with you.
