• Report: #399293

Complaint Review: ADVANTA BUSINESS CREDIT CARD

  • Submitted: Mon, December 08, 2008
  • Updated: Mon, December 08, 2008

  • Reported By:S.W. Ranches Florida
ADVANTA BUSINESS CREDIT CARD
11850 S. Election Rd Draper, Utah U.S.A.

ADVANTA BUSINESS CREDIT CARD WILL FORCE SMALL BUSINESS TO FILE BANKRUPTY THROUGH SUDDEN UNETHICAL APR INCREASE Draper Utah

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I am a small business owner, a Real Estate and Mortgage Broker that is struggling to make ends meet. My company and personally are facing great financial distress, however, I have never made a late payment to Advanta. In lite of the mortgage modifications I am processing for myself, my credit score has decreased, but again, I have never paid late to this company, nor have I used my card for that past few months as I respect the credit Advanta had given me and I honor the relationship and trust my creditors have extended me. As a conscious consumer, I respect my creditors and only borrow what I am able to repay.

However, Advanta has raised my APR to 27.18%, making it impossible to even make the minimum payments. I have called several times to request a reduction in the APR and I get the same answer every time, no lower rates available. I have always paid my payments on time and have been since I was given the credit.

If my APR is not lowered to a reasonable rate, I will have no choice but to file bankruptcy to protect me health and sanity. A person can't get out of a hole where the digger is digging you deeper. All of these mayor companies are getting a bailoutwho will bail me out! But my only questions is why is the US Government allowing this type of predatorial lending?

Ivette
S.W. Ranches, Florida
U.S.A.

This report was posted on Ripoff Report on 12/08/2008 04:49 PM and is a permanent record located here: http://www.ripoffreport.com/r/ADVANTA-BUSINESS-CREDIT-CARD/Draper-Utah-84020/ADVANTA-BUSINESS-CREDIT-CARD-WILL-FORCE-SMALL-BUSINESS-TO-FILE-BANKRUPTY-THROUGH-SUDDEN-UN-399293. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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