Taylor, MI asked in Consumer Law for Michigan

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

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1 Lawyer Answer

Trent Harris

Answered
  • Jackson, MI
  • Licensed in Michigan

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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