I am considering accepting the payment plan offered by Bank of America regarding my cc balance. I lost my job 2 weeks ago so I called them and they offered to close the account, cut the interest in half and I must pay $250/month for 5 years to pay off the 12k.
The minimum payment now is $300 so since I am still waiting to receive my 1st unemployment check $50 less a month sounds good. If I don't find a job in 6 months I will have zero income and will default. If that happens and the account is closed doesn't that mean they cannot add interest or jack up the balance in anyway?
It seems to me I should go for the deal and close it now and take a hit to my credit so I won't have to worry about the balance going higher if I need to walk away. Am I missing something? Thanks in advance.
The minimum payment now is $300 so since I am still waiting to receive my 1st unemployment check $50 less a month sounds good. If I don't find a job in 6 months I will have zero income and will default. If that happens and the account is closed doesn't that mean they cannot add interest or jack up the balance in anyway?
It seems to me I should go for the deal and close it now and take a hit to my credit so I won't have to worry about the balance going higher if I need to walk away. Am I missing something? Thanks in advance.
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