What is the name of your state (only U.S. law)? Pennyslvania
A certain credit card company raised my interest rate last year to 29.99% for two cards because my credit card balance on othe cards was high. I was not late on paying these cards nor was I paying just the minimum payment. Not only did they raise my interest rate but cancelled my credit. I have a small interior design business and my income is not substantial but I am trying to grow the business. I am also going through a divorce where my husband has not worked with me on finances. He left me with a lot of financial burden. I decided to work with Money Management Incorporated and consolidate the credit debt with personal credit debt. This has in turn lowered my credit score and the credit payment is a very heavy weight that I have to maintain for approximately 5 years. My question is that I have combined the business credit and personal credit with now having 1 large payment and the credit card companies have lowered my interest rate from 12% to 8%. I would like to eliminate the credit card company payments associated with my business. I feel they took more than enough money from me and they are the biggest burden to me. If I were to quit paying this company what would be the outcome. I have no collateral in my name only and my small business has not real value. I do have sole proprietorship so I understand that they could come after my personal value but none of it is owned soley by me. My husband is half owner of anything with my name on it.
A certain credit card company raised my interest rate last year to 29.99% for two cards because my credit card balance on othe cards was high. I was not late on paying these cards nor was I paying just the minimum payment. Not only did they raise my interest rate but cancelled my credit. I have a small interior design business and my income is not substantial but I am trying to grow the business. I am also going through a divorce where my husband has not worked with me on finances. He left me with a lot of financial burden. I decided to work with Money Management Incorporated and consolidate the credit debt with personal credit debt. This has in turn lowered my credit score and the credit payment is a very heavy weight that I have to maintain for approximately 5 years. My question is that I have combined the business credit and personal credit with now having 1 large payment and the credit card companies have lowered my interest rate from 12% to 8%. I would like to eliminate the credit card company payments associated with my business. I feel they took more than enough money from me and they are the biggest burden to me. If I were to quit paying this company what would be the outcome. I have no collateral in my name only and my small business has not real value. I do have sole proprietorship so I understand that they could come after my personal value but none of it is owned soley by me. My husband is half owner of anything with my name on it.