As we all know, we ARE in a recession. People are loosing jobs, increase in gas prices, people not spending money, which in turn causes more layoffs. Vicious cycle.. right?
I have a neighbor/friend, who had a good job, but has run across some hard times... like who hasn't. She came to me to discuss the issues but I couldn't help her. I'm baffled too. She has outstanding credit, but at this point can't make her monthly credit card payments. She has never missed a payment, and has low interest rates. I suggested that she call the credit card companies to see if they could lower her monthly payment, her interest rates or make some alternative arrangements.. just to bide her some time.
She came back to me today, and said that she called the 2 companies she has credit cards with, and neither one would assist her. She was told she would have to miss payments, and have her interest rates skyrocket, and have lots of payment penalties before they would help.
Being curious, she wondered why they wouldn't help now? Wouldn't they want to get ALL their money instead of nothing? After all, she wasn't late, the bills aren't going to colllections yet... and wants to prevent this from occurring. Why do they want her to have bad credit before helping? If she didn't pay her bills then they would be getting anything. If the collection agency that the accounts would be sent to in time settled the outstanding balance they aren't getting everything that is due, and are loosing, and so is my neighbor who would have bad credit. She still wants to pay, but just wants a few months grace period to regroup.
So with the economy being so bad, why aren't the credit card companies working with *their* clients?
Info about the author:
Valerie Osterhoudt is a Cromwell Connecticut Residential Realtor who can assist you with the purchase and/or sale of real estate in the Middlesex County of CT, as well as the surrounding areas. Please visit me at www.CTrealtorMLS.com for all your relocation and/or local needs.
Valerie Osterhoudt, ABR - Johnson Real Estate, Inc. - 860.635.0387 #2 - valerierealtor@sbcglobal.net
Copyright © 2008 By Valerie Osterhoudt, ABR, All Rights Reserved...* TRYING TO KEEP FROM FALLING INTO BAD CREDIT*
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Valerie Osterhoudt, ABR
(Accredited Buyers Representative)
Is a Full Time Realtor® with with Johnson Real Estate, in Cromwell, CT who specializes in Homes and Condos For Sale in the Middlesex and Hartford Counties in CT.
Valerie Osterhoudt, ABR ~Johnson Real Estate, Inc.
cell: 860.883.8889
email: Valerie Osterhoudt, ABR
website: www.CTrealtorMLS.com
