Almost got myself into a huge mess with Americor. I have $24k in credit card debt, and the interest was eating me alive. No matter how much I paid, I wasn’t making a dent. I was desperate, and Americor’s offer sounded like the perfect fix. Stupidly, I signed up without doing much research.
Big red flag—they told me to stop making payments and ignore collection calls. That alone wrecks your credit. When I started reading about them, I saw horror stories—ruined credit, lawsuits, people losing everything. I canceled my plan immediately and called my bank instead.
I told them I was struggling financially, and they worked out a deal. My credit card is permanently closed, but I have 60 months to pay off the $24k at 6% APR. My new minimum payment is $450, way better than the $723 I was paying before, with most of it going to interest. The banker even told me straight up—avoid companies like Americor, they make things worse.
If you’re drowning in interest, call your bank first. See if they have a hardship program. Don’t get sucked into a for-profit debt relief scam. I know I still have a long way to go, but at least now I’m on the right path.
Banks usually suggest non-profits that offer credit counseling and debt management programs. These can help lower interest rates and monthly payments without tanking your credit. Unlike Americor, they don’t tell you to stop paying your bills. Instead, they combine everything into one payment and send it to your creditors.
If you have multiple debts, these programs can be a lifesaver. They work with different types of debt—not just credit cards, but medical bills, car loans, and even mortgages.
@Ash
I wish more people knew how these scams work before they get trapped. Americor found me through a company called Consolifi, which had been sending me mailers for months. When I called, they were insanely polite and professional—super convincing. That’s how they get you. They tell you exactly what you want to hear.
The payments you make don’t go toward your debt. They go to Americor and their lawyers. They wait until your accounts go delinquent, then try to negotiate a lower amount. But there’s no guarantee your creditors will even agree. It’s a risky gamble with zero certainty. I’m so glad I caught on early and canceled before I lost any money.
I always tell people to call their bank first. Consolidation loans can be tricky, especially if your credit score is already low from maxed-out cards. You’ll end up with sky-high interest rates.
A lot of people avoid hardship programs because they think closing a credit card will wreck their score. But closed accounts in good standing still stay on your report for 10 years. The real damage comes from missing payments and keeping high balances.
You did the right thing going with the bank’s hardship plan instead of Americor. Hopefully, others read this and do the same.
@Vic
I talked to a financial advisor, and he told me I 100% made the right choice. The numbers don’t lie—paying my bank directly under their hardship program saves me way more than Americor’s so-called ‘deal’ ever would have.
Vic said: @Jess
And your credit will recover faster too.
Exactly. Americor kept telling me my credit score would tank and then magically shoot back up. My bank, on the other hand, was honest—they said it depends on a lot of factors, but if I stay on track, I’ll rebuild it over time. That’s the difference between a scam and real help.
Gale said:
I’m stuck in an Americor plan right now, and I feel like I’m paying them more than my actual credit card debt. How do I get out?
Cancel the contract, pull your money out of the account they set up, and call your creditors yourself. You’ll still need to save up money to settle the debt, but at least you won’t be paying Americor’s ridiculous fees.
Gale said:
I’m stuck in an Americor plan right now, and I feel like I’m paying them more than my actual credit card debt. How do I get out?
You can cancel anytime. If you haven’t made any payments yet, you should get your money back. They only keep the ‘negotiation fees.’ When I called to cancel, they tried to convince me to stay, but I just told them I didn’t have to explain my decision. They backed off after that.
Freddie said:
I’ve tried calling my bank about lowering my interest rates, and they just said no.
Same thing happened to me at first. A few months ago, they dropped my rate from 29.97% to 24.5%, but that was it. When I told them I couldn’t afford my payments and would start missing them, they finally offered me a hardship plan.
Lennon said:
Your bank might have helped, but they still listed you as delinquent on your regular payments. Your credit is going to take a hit either way.
Yeah, I figured my credit would drop no matter what. I just wanted to avoid making it worse. At least this way, I know I can recover once I pay everything off.
Good for you for going straight to your bank. It’s crazy how misleading companies like Consolifi and Americor are. They know exactly how to make people trust them.
I went a different route with a debt settlement company. But at least they were upfront—they told me from the start that settlement is only for people who are already behind on payments and can’t afford the monthly bills. They weren’t pretending it was some magical fix.
Non-profit credit counseling might be a better option for most people, though. Five years is a long time to be locked into a program, but at least you know where your money is going.
I had an Amex card where I was only making the minimum payment, and the interest was eating me alive. Called them, and they set me up on a 12-month repayment plan at 10% interest with lower minimums.
I paid it off in 8 months, and they reactivated my card with no credit damage. Sometimes banks will work with you if you just ask.