Legal Question in Credit and Debt Law in Texas
chase credit card co. raised my interest rate from 4% to 24.99% over nite. no warning and for no reason.
i have NEVER been late on a payment.since i opened this account 8 years ago.
i cannot afford to pay an additional $152 a month. balance is $6420.
when this account goes into default....can they take my home from me, or send me to jail...or take my paid car, now worth $3500 ??
i had perfect credit until all these credit card co. have played hard ball tatics.
1 Answer from Attorneys
No...to collect creditor has to sue..and you could defend based on their actions..call creditor and seek to negotiate. you could cancel the card and seek a different bank card...e.g. debit..but when they get a judgment they cannot take exempt property..such as home/furnishings/car..etc..but look online for exempt property in Texas
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