Legal Question in Credit and Debt Law in Missouri

Recently I received a letter from a credit card company informing me that my purchase rate would increase to 29.99%. I called them & was told it would only affect a small balance I had under purchases - most of the money owed was from low rate advances. They did not tell me that one of those was set to go to purchase rate in June. I'd suppose it is my responsibility to know that - but I didn't. So, now it has increased beyond my ability to pay - minimum @ $325.00 with interest @ $218.00. I have contacted the company several times & the OPT OUT option is gone. This same company sent a letter regarding another account & did inform me of an advance that would increase - I OPTED OUT. I told them there was no way I could pay & without results. Looks as though my credit will be ruined. What will they do when I don't pay?


Asked on 6/16/10, 4:56 am

1 Answer from Attorneys
Anthony Smith LawSmith

There is not way to predict what they will do with absolute certainty. but, if you continue to pay yoru previous minimum balnce on time, they will likely do nothing else but add yrou new interest and late penalties to your balance. Credit card companies act crziloy, but they seldom sue people who are paying each month.

Good luck

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Answered on 6/17/10, 11:35 am


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