Fair Weather Friend
I’ve my Discover card for about 7 years with an interest rate of just over 12%. I have a PhD but I’ve had a difficult time finding a good full-time teaching position. Most college teaching positions are part-time with no benefits. I have a balance that is a little ocer half of my $14,000 limit. I usually pay (on time) a little more than the minimum payment and I recently asked Discover to lower my interest rate (temporarily) so that I could pay down my balance more quickly. Despite my good payment history and a credit score of just under 700, they would not work with me to pay down my balance. My account is now closed so I cannot increase my debt with this company. Now I will continue to pay off my debt and in a few years they will want me back as a customer, but I will have other options. I am not a fan of “fair weather friends” - in finance, loyalty goes both ways.