Q: I had a Providian credit card when I was eighteen.
They have taken money out of my paycheck and have taken at least six years of my income taxes. How can they take that much money on a card that only had a five hundred dollar credit limit I have paid thousands, this has gone on for eighteen years. Is there anything I can do to stop this
A:
It’s likely that your credit card had a high interest rate, and judgment interest has continued to accrue while the judgment remained unpaid. The maximum judgment interest rate in Michigan is 13%, so that would cause your unpaid judgment to double every 5.5 years. A judgment is good for 10 years and can be renewed. My suggestion would be to call the creditor or their attorney and see if you can negotiate a settlement to make it stop. Otherwise you will keep paying until the judgment, along with interest and costs, are all paid.
As always, you get what you pay for. Be sure to talk to a qualified attorney about your specific situation before choosing to rely on information you get from internet discussion boards such as this one.
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