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Roberta wrote to me and asked the following question.

“Dear Steve,

We signed up online for an advertised debt consolidation with Bank of America. The interest rate was high 18.99%, but lower than the existing debt on credit cards used to pay medical expenses at 24.99%. I have been paying on this debt at 900 per month for a year now and not see much more progress than before. I have called and asked for a lower interest rate based on my timely payment of 45 per month more than required. They do not even give me a chance to deal with them.

So how do I get them to even look at negotiating with me?

Roberta”

Dear Roberta,

I think you might be talking about the Bank of America debt consolidation product they market as CleanSweep. See Bank of America Offers “Clean Sweep” Debt Consolidation Loan Up to ,000. Let’s Look at The Facts And See Who Is Really Cleaning Up.

I’ve read the terms and conditions on that offer and in fact reviewed it. See the above link.

I’m afraid that you are stuck. The only way to get out of debt faster would be to increase your monthly payment on a consistent basis, ask for a interest rate reduction, or do a balance transfer to a card that will offer you better terms.

Unfortunately the credit card offers are stacked against you since you can’t find out what rate you would be offered until you apply. It is quite possible that by shopping around for a better deal that it will hurt your credit more.

The Bank of America offer on the CleanSweep product went as low as 8.99% so if they gave you a 18.99% rate it probably indicates that your credit is not spotless. In that case I think you might find it problematic to switch cards at this point.