AT&T Universal Card Increased APR to 28% months after one late payment, apr on balance can never again decrease but can always increase Jacksonville Florida

Near 30% is right on the edge of loan sharking! Most credit card companies, if you are late or go over your limit, will jack up the interest to 25+% which is an absurd rate. But it takes them forever to issue a refund on a credit balance... the rules seem a little unfair.

Here is my suggestion on how to get this account paid off and if you should choose to close it due to their poor customer service.

First things first: DO NOT PUT ANY MORE CHARGES ON THE ACCOUNT!!!!!

Second: Make at least the minimum payment to every credit account you have. This will not only keep the interest rates on the others down, but also you will not be tacked on a past due fee around $30 every single month. Also, enough past due fees can put you above your limit which will be another $30. So that's $60 a month in fees if you get caught in that trap. PLUS INTEREST!

Call the 800 number on the back of the card and explain your situation. Explain that you are experiencing financial hardship and intend to pay them back but you need a break on the interest. This may or may not work, but it is worth a shot. Some credit card companies, such as Capital One, don't care. Others, such as Discover, will lower your rate to near 0% (zero percent) as long as you have been in good standing.

If they are not willing to help you then you should not be willing to give them any future business. They work for us, we don't work for them.

You may want to call another creditor and explain your situation and see what they have to offer. Doing this has gotten me a 1.9% rate on balance transfers.

Third:

Apply for a new line of credit or use another existing line of credit to transfer the balance over at a lower interest rate. However, DO NOT TRANSFER BALANCES ON A NEW CREDIT LINE APPLICATION!! IF YOU APPLY FOR A TRANSFER ABOVE YOUR CREDIT LIMIT YOU ARE ALREADY IN DEFAULT!! You will not know your credit limit so it is best to find out how much you will have available before you make your balance transfer. AND NEVER TAKE OUT A CASH ADVANCE! Cash advances have highest APR and Credit companies apply your payments to the lowest interest items first.

If you have a home equity line of credit use it. It will be at a lower rate and you can take care of it. This only applies if you have the option available.

If you are not able to transfer over the full amount or not get a new line of credit, just hack away relentlessly at the balance. It doesn't matter if you're sending in payments of ten dollars every three days. Just get it down as soon as possible.

Fourth:

If you get the account down to around zero, pay the remaining balance plus $30 to cover any finance charges that have not yet posted. This should leave you with a credit balance on the next statement.

Fifth:

When you get the statement with the credit balance, send certified AND regular mail to the mailing address stating that your account is to be closed IMMEDIATELY and that you DEMAND the amount of the credit balance to be refunded to you via check IMMEDIATELY. Also enclose copies of the statement.

You do not want to do business with any company charging this absurd an interest rate, you can find better deals anywhere.

I say certified AND regular mail because even if they do reject the certified you know they checked the mailbox containing the regular mail. And if they accept if you have proof they receive it.

Also mail the same info you send them to yourself so you have further proof the post office processed the letter. Do not open it.

You also need to send letters to Equifax, Experian, and Trans Union that this account has been closed at CONSUMER REQUEST not at the request of CREDITOR. Closing at your request says that you are managing your credit now, even if you weren't in the past.

I hope this helps. If there's any other questions you have please update and I will see what I can do.