Sears Credit Card Interest Rate
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Post subject: Sears - debt management
Catherine
Date: 11/27/2000 10:54 am CDT
I have recently gone through a debt management company to pay off my debt with several credit cards. Sears is the only company that actually would not lower their interest to help me pay them sooner. The interest is around 21% and with the company I am using to pay it off it pays around $10.00 of the capital.
Is there any way to talk to someone to get them to lower their interest rate so I can pay off my debt instead of give them a lot more money than I should have to.
I mean all the other companies were willing to help me get rid of my debt with them but sears won't help at all they just want to keep taking more and more money from me so it takes me instead of (ex 3 yrs it will take 6 or 7). I know I got into this problem but if sears won't help then why should I use this company to pay them. If I don't use this company then sears will ask for a higher amount each month but they keep taking about $20 in interest each month that I pay them through this company. I find it to be rediculous for them to say they will help me if I go through a debt management company and then try and take my hard earned money. If I continue with them I will in the end for $3,000 dollars in debt pay them more like $8,000 or $9,000 dollars. Does this seeem right to you?
Any information will be helpful.
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Eugene
Date: 11/27/2000 10:31 pm CDT
Can you transfer the Sears balance to another card with lower APR?
Eugene.
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Board Monitor-CS
Date: 11/28/2000 1:53 am CDT
Transferring your balance will most likely be your only way out. I've heard that Sears won't budge on the 21%...
Take Care,
Casey L. Smith
cardrevolt.com
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robert tosto
Date: 12/7/2000 6:35 pm CDT
Curtis,Why are you not an advocate for people in credit problems who are facing these business giants?
Robert
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Board Monitor- CA
Date: 12/7/2000 10:36 pm CDT
Robert,
Greetings! I am not sure that I understand your statement. As I mentioned on the phone, we are not arbitrators. We simply do not have the staff or resources to do so. Morevoer, abitration and letigation have never been part of our mission statement. We do offer advice and many other resources for consumers.
In this particular instance, Casey Smith (Board Monitor-CS) offered practical advice based on his work experience in the credit card industry (he has been employed by various large card issuers in various capacities).
Hope this clarifies our purpose.
Best Regards,
Curtis Arnold
CFCCT PR Director
http://www.cardratings.org
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shirley
Date: 11/28/2000 8:23 pm CDT
i also have asearscard iwould to get a lower interest rate on ,
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Catherine
Date: 11/29/2000 8:17 am CDT
I know a lot of you have said to transfer balances but when you are in a debt management program they close all of your accounts. You cannot have any new credit until you are finished with the program so I do not have any way to transfer this balance.
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BLE103
Date: 11/29/2000 10:53 am CDT
Sears card is a secured card.They don't care about you.If you would quit paying all of sudden they will sue you bigtime.I know some people have been sued by them.They won't buldge at all with your interest rates.It looks like you are stuck with it unless you declare BK.
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Tim
Date: 11/30/2000 2:02 pm CDT
After reading all of the posts here I would leave Sears out of the Debt Management Program. Pay off all of your other bills in 3+ years and take 6 to pay off Sears.
Eventually they will try to sue you or get a judgement. This will defeat the purpose of the debt consolidation.
Lesson learned, experience gained!
Take care.
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CHERYL
Date: 12/21/2000 9:42 pm CDT
Dear Catherine:
I also owe Sears about $3,500.00 I have contacted several credit counseling organizations who have told me Sears does not budge on lowering interest. I spoke with a bankruptcy attorney who said there is a hearing when you file for bankruptcy when all creditors are allowed to come and contest the bankruptcy. Sears is the only creditor that ever shows.
I would like to take a good chunk of my income tax return and pay them like $2,000.00 and then I am going to ask them to take back a table and chairs and an airconditioner that I purchased within the last 6 months. I don't know what they will say but if they sound as hard nosed as I have heard they probably wont.
It stinks big time. 21% is almost criminal. I too realize it is my own fault and blame noone but myself but when you admit you are in trouble and in over your head and want to make good on a debt you would think they could budge an inch or two.
Let me know if you hear anything new. Also, this is the first month I will be going past due with Sears. How harrasing are they when you are late?
Cheryl
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Joe
Date: 12/25/2000 4:51 pm CDT
One of the reasons Sears does not lower their interest is because they do not have to. None of the companies that are helping you pay your debt off sooner have to work with you. Fortunately there are companies that will. You are definitely better off paying as much as you can on the Sears bill because they will not budge on the interest, late fees or any other consumer credit service. They do have their own branch of Consumer Credit Counseling. You can call 1-800-877-8691 and ask them to transfer you to that department. Sears operates under it's own bank Sears National Bank and I would say feels that since you have the merchandise and agreed to the terms of their card, that you owe the money. And yes they will call you if you are only a few days late and if you are even one day late they will charge you a late charge.
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posted by CardRatings.com at 5:02 PM
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