I have an credit card account with American Express that was opened up several years ago while still married to my (now) ex-husband. During the divorce, I had to ask American Express to close the account because the ex kept trying to use it! After the divorce, I called them to try to change my payment due date by 5 days. I work for the state and we only get paid once a month - on the last working day each month. The payment with American Express, now that I was on a single income, was going to be due 5 days before I got paid. They refused. They said because I closed the account, they wouldn't be able to change the due date. I struggled with them - paying late - assessing a late fee until September of 2008. At that time, American Express made headlines for their tactic of changing customers minimum payments and interest rates in lieu of a shaky economy. Low and behold, I was one of the customers they did this to. My minimum payment went from $215 a month to $357 and my 9.9% interest went to a whopping 27.99%! I called them about this and was, again, told that they couldn't do anything to help me because the account was closed. I called them several more times and was told a different reason each time varying from "it was changed because you've always paid late," to "we are trying to get customers to manage their debt better." I paid them my $215 because that was all I could afford. I've done that each month. But now, on my January statement, my minimum payment is now $505 (due to finance charges). My average finance charge each month is $284.09 - more than my payment each month! I am never going to get ahead on this. I called them today, again, and begged them to help me out. All they would offer me is their "Care Program." I looked online and can find nothing on it. I just want to know if it is ligitimate. Basically it works like this... you pay a set amount each month - for me it will be $230. For 6 months, all fees are dropped and interest is zero. Then for 7-12 months, interest is 9.99% Then after 12 months, the interest will go back to what it was (in my case 27.99%) and all fees come back. I'm wondering if it is worth the effort. I am concerned that in a years' time after this program ends, I will be right back where I was. I really can't see how this program will help me. I've exhausted other means to pay off this debt. I checked on re-financing my home and was told by most companies that because I haven't been in it a year, they cannot use my equity (I bought my home with about 4,000 dollars of equity in it at the purchase date). I won't be in the home a year till this June. I tried to get a loan and could only get one for $5,000.00. That's not even half of what I owe American Express. I'm afraid to get that loan and give it to American Express since they have given me no hope of lowering that ridiculous interest rate. I need some good advice. Can anyone help me?