dita Posted May 10, 2005 Report Share Posted May 10, 2005 I live in P.A. Has anyone ever heard of TCA. I was on a payment plan with mastercard with the interest rate at %14, paid good for one year, I got my bill and now the interest rate is at %27 WOW. So I called them and they said they can't lower it unless I try to consolidate through this TCA-debt consolidation???. (my origanal interest rate was at %24 and now it's up even higher) Please, if anyone has any suggestions, I would be very happy. Link to comment Share on other sites More sharing options...
willingtocope Posted May 10, 2005 Report Share Posted May 10, 2005 TCA = www.takechargeamerica.org/Default.aspx?tabid=36 ...looks like their one of the CC industries captive debt correctors...which are really debt collectors in disquise. I assume you were on mastercard's "hardship" program...and now this is the end result. Basically they just take your minimum payment for a year, and then zap you with a higher interest rate to make up for it.I don't know what to recommend at this point. If this is your only CC, then make major payments on it each month and pay them off as quickly as possible. If, like the rest of us, you've got other debt hanging over you, then you might have to look for other options. Link to comment Share on other sites More sharing options...
Robert Nashville/Savannah Posted May 10, 2005 Report Share Posted May 10, 2005 It sounds as if you are paying the original creditor...the bank/whoever issued the credit card??? If that's the case (and SOL, CAs etc are NOT part of this picture) then what they can and can't do is totally a matter of internal policy (and your original cardholder's agreement)...trust me, they CAN lower your intereste rate if they have reason to do so.If, however, this is a CA you are dealing with, there are usually very specific laws (specific to your state) that dictate what fees and interest they can and cannot charge...I'm not familar with PA law so I can't help you there.Two thourhgs that may be of some help...You likely get offers in the mail on a weekly if not daily basis offering low, low interst rates on balance transfers...if you can secure a valid commitment from one of these offers you can always hold that over the head of your current credit card issurer OR simply go ahead a move the balance...even if you can't actually get anyone agree to take your balance transfer, it dosen't hurt to drop the "hint" that you will take that route if your current creditor doesn't lower your interest to keep you.Second throught - Interest is not the real problem here...your debt is. No matter what the interest rate is, it's relatively small dollars if you get serious about paying off the debt...you would be surprised how quickly the debt will disappear if you really apply every spare penny on paying it down...extra jobs, living on a shoe-string, etc (not as a way of life forever but for the short-term) can make a dramatic turn-around in a person's financial position.Obviously I don't know the facts of your situation or how possible any of the above is for you...all you can do is all you can do...I just offer it as food for thought.As to your original question, I'm not familar with the company you mention but in general "debt consolidation" shoudl really be pronounced as "debt CONsolidation"...emphis on the "CON"...it cons you into thinking you've actualy done something but usually just makes money for the "CONsolidation" company and ends up putting you in a deeper hole than you are already in...I'd avoid it at all costs.Hope that helps. Link to comment Share on other sites More sharing options...
dita Posted May 10, 2005 Author Report Share Posted May 10, 2005 thanks robert, I'll keep making big payments then call and ask again in a couple mths. Link to comment Share on other sites More sharing options...
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