Legal Question in Credit and Debt Law in New York

Credit card interest rate

Hi,

I have a great credit record for the last 10 years, but I have accumulated debt in the last 2 years since I was an MBA student. Two months ago the interest rate on one of my credit cards changed from 0% to 24.99%. The only change on my record is a reposrt from DELL computers on a disputed $80 charge. I am current on all my accounts, and I have started paying down the balances. I want to know what I can do to first change the Dell ''charge off'' on my report, and then deal with the credit card interest rate.

Thank you much!


Asked on 3/10/04, 12:39 pm

1 Answer from Attorneys
Guy Lewit Guy Mitchell Lewit, Esq.

Re: Credit card interest rate

Pay the Dell debt because to do anything else is not worth the effort. Get Dell to provide you with a receipt and have them contact the credit agencies with a retraction. If nothing happens first time out..you send a demand TO EACH OFD THE REPORTING AGENCIES BY CERTIFIED MAIL RRR that they substantiate OR REMOVE the negative report (they have to remove whatever cannot be substantiated after 60 days)... then contact your credit card companies and make a deal for a reduction in amount and./or interest rates...if you are in default, they can raise you to VERY high rates...try to transfter balances to lower cards (nice for those introductory rates...) and then PAY THEM OFF...throw away most of the cards you have...keep and use only one or two and NEVER carry balances more than a month.

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Answered on 3/10/04, 1:38 pm


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