Almost two years ago I was faced with looming debt, drafty windows, a leaking roof, etc. I had Home Depot come and give me estimates, which were excessive. New windows turned into new doors. New doors turned into a new roof, and the new roof into new siding. I ended up with $45,000 worth of improvements and debt, which was accruing interest as I signed the agreements. How on earth I ever got approved for this credit is beyond me, as the house had negative equity!
Long story short, one year passed and of course I could not afford to make any payments. Now I have been making payments on two accounts (the debt was so high that two credit accounts needed to be opened), and I owe more than when I started, despite diligently paying at least $100-300 over the amount due. 25% interest is so ridiculous, and there is no negotiating. I hate to say it, but we work two and three jobs apiece, and thanks to Home Depot and their ridiculous credit, I may lose my home. After looking at my most recent statement, I realized I could physically burn the money and get a better result.
The contractors were excellent, but the salesmen were just that: salesmen. Has anyone had any success in pleading with Home Depot? Are there any regulatory commissions to appeal to? I would hate to lose the house over new windows and doors.
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