How should I handle my credit card debt?
I have a card from US Bank with $ 4500 that I owe. I had transferred a balance to this card when I first got it since it had a 0% apr for 1 year. A few months ago they lowered my credit limit within $ 50 of my balance. I went over my credit limit since I did not know they had lowered it. I was charged a $ 39 fee and my interest rate jumped to 28.9%
I called and they refuse to lower my rate to a reasonable APR. I am tempted to stop paying on the card and negotiate the debt but I am worried of how bad that will look on my credit. US Bank recently closed the account so now I owe all this money on a closed account.
My credit score has really taken a toll in the past year. I have a high debt to income ratio and one really small collection ($ 79)from two years ago that I paid off.
What are my choices? Please do not offer me debt management companies! I will not use them.