Advanta credit card closed its door and puts me on a 3.9% APR repayment plan

Posted by MoneyMaster on Jul 6th, 2009 | one comment home title

I’m 72 days deliquent on my Advanta credit card and I’ve been receiving calls from Advanta rep regarding a program that they can put me on – a 3.9% APR repayment plan for 12 months, stops future late fees, brings my account out of delinquent status, and marks my account as current on my credit report. I had my doubts, of course, because it sounded too good to be true.

I didn’t pick up the first phone call and they left me a voicemail and asked me to call back. I was skeptical. I thought it was one of those debt relief programs soliciting for my business.

Then a followup call a couple of days later. A week later I decided to call back – and it was indeed an Advanta rep. He wanted me to pay $277 to stop the litigation that already has started on my account – I agreed.

Let me just be clear. It was never my intention to not pay back for the debt that I incurred. I had to weigh between the cost of keeping my excellent credit and the cost of keeping my credit account current (doing all these crazy balance transfer among different credit cards to keep everything afloat). On top of that I was really having cashflow problems and I couldn’t even make the minium payments – so I had no choice.

I can sleep a little better now knowing there are programs available, and that I’ve finally faced my debt problem, and not buying myself time by further borrowing.

Let it be a lesson for those of you who are having debt problems – stop paying for something on your plastic when you don’t have the cash equivalent.

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