Thursday, November 02, 2006

Bank Of America - Effort Made and Succeeded

So, I tackled another debt today. I proactively called MBNA/Bank of America and asked if they could help me. I spoke to another one of the most friendly credit card reps again!! (My luck is changing...) She was compassionate and expressed sympathy for my situation we got ourselves into.

After only a few minutes, "Cassandra" and I came up with a plan...

Current Total Debt - $7933.75 - Interest rate = 24.99%

The Deal:

I offered to close my card totally. She put me on a 5 year fixed pay plan to get me out of this debt. She took my interest rate down to 2.25% and brought my minimum monthly payment down from $287.00 per month to $140.00 per month!!!!! She also took away all over the limit charges and late payments!!! She also promised nothing at all would go on my credit report (as long as I made the ontime minimum payments). No charges for paying off early either. After the debt is paid off - I can certainly open the card back up again... (I doubt I will have more than 1-2 credit cards at that point... I have learned!!)

Total Monthly Savings is $147 per month and thousands of dollars in interest over the life of this card.

I think I made the right choice. What do you all think? I am open to any advice!!

Thanks for reading!


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DISCLAIMER: I am not a financial advisor. This blog is a way for me to hold myself accountable. While I share some of the methods I have used, I do not guarantee that it will work for anyone else and if you try them - it is at your own risk.