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Captial One Help Please!


HisGirl
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Hi, I am pretty new to this and need help with Captial one. Heres the situation, DH and I had a Cap1 card the orignal credit line was only 300.00, Now they are saying that we owe 998.00 after 2 years. Is this legal to put that much "fees" on to the balance? What should I do, I would be happy to pay the $300, but $998 seems way to high. It has been placed with Captial Management, and when I have talked to them they are very rude. Any advice?

Thanks,

Michelle

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When you default on a credit card the default interest rate kicks in. As you well know, that interest rate can go very high (I've seen rates of 47% !!). The terms of your CC agreement clearly states that their 'successors and assigns" get to use all those same terms - including charging you continuing interest at the default rate. After 2 years at the higher rate, its no surprise the debt has gotten that high and your actual credit limit has nothing to do with it.

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