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.
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