GM Card – HSBC

Just wanted to know if anyone else is having problems with HSBC, GM Card in getting them to lower your interest rate and provide a reasonable payment plan. I worked with them to get a hardship term for 6 months where I could pay $500 a month, but they did not lower the interest rate and basically my balance continued to climb. Any tactics that I can use to get them to agree to lower my interest rate at this point?

They have given me a way to pay $3500 for three months in a row to cut my debt in half, basically forgiving them the rest…but if I had that much money to pay them, I would have paid them off by now. They say that since I can’t agree to the $3500, they will be sending my balance to a collection agency. I basically really do want to pay them off, but am about to throw in the towel due to their horrible attitude.

I even told them that Chase gave me 6% interest and $525 a month payments, which I’ve been able to make and have reduced my balance by more than $5000 in the last 18 months. I guess I’m not sure why they won’t work with me. Sorry to ramble. Thanks for listening.

I have heard this about them before. They are horrible to work with. I wish you luck. are you doing this in writing? Or on the phone? I was always told that you need to tell them to stop phone communication and only do paper communication. You can try surfing the balance to another card with a lower limit. And If you ever need money to solve problems with your business or to repair your house you better get $1000-$5000 loan at online. They seem to be trustworthy and serious company. I have had positive experience with them.

Need help to get out of debt

Hi, I am a new reader to the blog. Am currently working and earning about $300 per month but over the past two years i have accumulated debt amounting to $2000 and this has affected me terribly as almost all the money am earning is now going towards servicing the debt. I need help to get out of this debt and advice on how to avoid debt next time.

How many hours are you working to earn that $300? If its less than 60 hours/week, then get a second job… You need to make more and spend less. Its as simple as that. Get on a written budget to live on that $300 and be firm with it. Then get a second or even third job and bail out of that debt as fast as you can… Save at least 500 dollars aside first and then pay your smallest debt first and work on up the line.

After that, use those extra jobs to pile up an emergency fund of at least three months of your expenses. As those are less than $300 a month it shouldn’t take you long.

Then you can begin to survey your chosen career and see if there is not a better way out of your income crisis.

Books to get from your library:
The Total Money Makeover – Dave Ramsey
48 Days to the Work You Love – Dan Miller