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Trying to Negotiate With Capital One

by Anonymous
(Texas)

I have tried negotiating directly with Capital One Bank for a reduction of interest rates (currently 16% and 23%) on a $10,000 debt. I am currently paying $175+ monthly interest with a minimum payment of $300. Apparently I missed an opportunity to stay at the very low rate of 6% interest which previously had been in effect. I have corresponded with them a couple times to no avail, with copies to the Office of the Comptroller of the Currency in Houston, TX -- all initiated back in December of 2009. Thus far no help. I cannot possibly deal with the above. Please help.

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Trying to Negotiate With Capital One

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Jun 05, 2010
negotiating with credit card company
by: Gerri

I am sorry you missed the opportunity to lock into a lower interest rate. You're not alone in that, and it can be incredibly difficult to gt the credit card company to budge once they have raised your rate.

It sounds like you have tried to do what you can to get your rate down. So, as we discussed in our e-book, Reduce Debt Reduce Stress, you may have to look at other alternatives. A credit counseling agency may be able to help you get a lower interest rate, for example, or you may need to consider looking at debt settlement if you can't make headway on your own. And if your credit is strong enough, you may be able to consolidate using a social lending website.

It wouldn't hurt for you to also file a complaint with your Senators and your Representative in Washington. Let them know how the card company has responded to your attempts to keep your account in good standing at an interest rate you can afford.

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