Because I did so many cash advances at the highest interest rate on my Discovercard, I now have a $10,000 debt that doesn't seem to ever go down. Monthly minimum payments service the interest and barely reduces the balance owed. Discovercard offered me 9.9% for the entire balance on their hardship program. They said that the card is closed, of course, and they "implied" that a negative will be listed. (I am totally current.) Does anyone know how this will really affect my credit score, etc. ? By the way, I've talked to a number of consolidation services, they all sound screwy and weird, and like you don't know what you're getting into. I would like opinions on the discovercard ramifications, and any advice on reducing the interest on this debt, etc. I don't own homes (on which to get loans) and I'm tapped out on balance transfers to other cards . thanks, J2
They helped me out with 0% interest rate when I was with debt management program. Then once it was paid off they put closed by credit grantor.
A 9.9% and all your cards maxed is about as good as it'll get. Start living below your means and take advantage of a pretty reasonable deal. Forget about your credit scores for awhile and concentrate on getting out of debt. There are a lot of people on this site that really got abused by Discover.
Discovercard: reply to cfand3boyz Thanks for replying. Can you tell me what debt man. program you were with? Was it through discover or one of the outfits out there. If with discover, can you tell me who you talked to? Thanks Again J2
Re: Discovercard: reply to cfand3boyz If Discover is offering you 9.9% on an internal hardship program you might want to consider this very strongly over debt management. Their rate for customers enrolled in any debt management program is currently 15.9%. They went from 0% in 1999 to 9.9% in 2000, to 15.9% as of 2001 for debt management customers.
