Capital One Bank (USA) N.A. Capital One Forced Bankruptcy and is now suing Internet

I suggest that you get some GOOD financial counseling and education BEFORE you go the route of bankruptcy for no reason.

You are either over-reacting here, or you were in very serious financial trouble before the Capital One rate hike.

I am speaking from experience. I have been there, on BOTH sides of this issue.

More to the story here, I'm sure.

Lets look at this from a purely financial, dollars and cents perspective.

Lets say you had a $5000 balance on that credit card in which you want to pay off in 5 years [60 months] based on a 3% monthly minimum of principal. Amortized as a loan just for interest cost illustration.

Your minimum monthly payment at 11%:

@ $150.00 principal +$45.90interest=$195.90/mo total payment to start

Your monthly payment at 29%:

@ $150.00 principal + 120.83 interest = $270.83/mo total payment to start

SO...You are going to file bankruptcy over $74.93 per month?????

Time for a reality check.

Did you try calling them and asking for a hardship modification, or did you just stop paying?

FYI...No credit card company will reduce your interest rate until you are at least 3 months behind. But they WILL.

It looks like you just gave up here, and are a bit of a drama queen.

How big was the credit card balance?? Were your payments on time when they were at 11%? Were they just minimum payments? [Obviously they were].

Get a grip.

 

Sorry but if one credit card increasing your interest rate caused you to file for Bankruptcy..I have news for you.  It was only a matter of time before it happened anyway. 

So you can not blame them, and I would bet that if you have anyone to blame it is probably you.  Oh and before you go on the "You don't know my situation" or "My situation is special".  Guess what..it doesn't matter what your situation is because it no different than everyone else who thinks that their situation is unique and they deserve special treatment.

By the way if you truly did file for BK and not just "blowing smoke" trying to gain some sympathy then that will be covered under the Bankruptcy and you won't have to pay on any judgment.  That is unless there is something you are not saying and the Trustee does not allow this debt to be discharged.

I am sorry if this is too rough for you, but the first step to getting back on track is to take responsibility for YOUR actions.  If you continue to blame others you are going to probably end up in the same situation again.

There is no way it happened the way the OP claims. Interest rates cannot be increased without at least a 45 day advance notice. Interest rates cannot be increased on current balances unless the account is delinquent or the end of an introductory period has been reached.