Target has a new repayment program that will allow you to repay them the balance due at 6.99% over the ENTIRE life of the loan balance that you owe to them. They put you on the repayment program and you have set monthly payments that are made to the balance due but you must have suffered some kind of tragedy or life catastrophe to be eligible. They did not ask me for proof even though if they had, I would have been able to prove my job loss and my husband's illness.
So, for those who have a Target account that is not at an agency, you can call the collections department at 800-456-0694 and see if you are eligible for the program. They will let you pay 6.99% for as long as you owe them a balance on your account, but they do have set payments. They put me on a 48 month program for my $10K balance @ $279.77/mth. My payments will be reduced to $177/mth after I make a lump sum payment of $5000 to reduce the balance. In order to qualify, you must have had a financial emergency that put you behind.
I would only suggest that with a great reduction in interest you make sure that you can make the payments because this is a good deal. If you are like me, late 4 months in a row, you are paying significantly more now than you would pay with the 6.99 and this program will benefit you tremendously.
Good luck.
Missy
