@Anonymous wrote:
Checked into the Amex Financial relief.....has anyone taken advantage.if you want to call it that
Online chatted....5.99 apr..with fixed payments..for a year.and possibly will be reported to Credit bureau and only available credit will be your next payment amount...
But they can't be sure until you agree...you will find out 14 days later...
So lower April for a year and your credit is screwed for 7? Possibly
If you cannot pay the balance off without financial relief, that's a gift.
I wouldn't look at at it as "credit scre**d for 7 years in exchange for lower APR", since without lowering APR and sticking with payment plan, it sure will be.
It shouldn't come as a surprise that you cannot use card for additional purchases, whole point of the plan is to reduce the balance owed, not keep status quo or have it go up again.
If you have other cards that offer BT, you can go that route, or if you are a member of credit union, loan might be possible depending on how rest of your CR looks if you are uncomfortable with this.
