Hi. I've been lurking for a while. I think the advice on this site is great. I haven't had to file bankruptcy yet, but Lord knows I might soon.
Today, BOA informed me that they will be changing the fixed rate interest on my Gold Option Loan to a variable rate interest, beginning in January. The only reason I agreed to consolidate my debt into this loan, in the first place, was due to the fixed interest rate. I have a $31,000 loan & the payments are $669. Now, everytime the prime rate adjusts, my payment & interest will go up. My budget is tight enough already. I know it won't be long before the prime rate increases & then, I might be sunk.
I knew they were switching credit cards to variable, but didn't think they were doing the loans too. I am seriously considering telling them that no matter what, I'm paying the $669 every month and not a penny more.
Anyways, just had to vent. Thanks for listening.
Today, BOA informed me that they will be changing the fixed rate interest on my Gold Option Loan to a variable rate interest, beginning in January. The only reason I agreed to consolidate my debt into this loan, in the first place, was due to the fixed interest rate. I have a $31,000 loan & the payments are $669. Now, everytime the prime rate adjusts, my payment & interest will go up. My budget is tight enough already. I know it won't be long before the prime rate increases & then, I might be sunk.
I knew they were switching credit cards to variable, but didn't think they were doing the loans too. I am seriously considering telling them that no matter what, I'm paying the $669 every month and not a penny more.
Anyways, just had to vent. Thanks for listening.
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