Consumer complaint received 2015-07-01 00:00:00
Product: Credit card — 
Issue: Forbearance / Workout plans — 
Company: AMERICAN EXPRESS COMPANY
State: CA

Complaint narrative:
American Express is refusing to accept the terms of my Debt Management Program through XXXX XXXX XXXX XXXX, a licensed Debt Management Services Provider and member of the XXXX XXXX XXXX XXXX XXXX XXXX XXXX. I was told by a customer care representative that American Express has their own hardship program called XXXX. I asked to be enrolled in the XXXX program but they are refusing to enroll me. American Express told me the terms of their program require me to be out of the program for at least one year before I can re-enroll. The terms they have set up do not allow for any recovery after a recessive business period, which is essential to business XXXX XXXX. The Federal Government ( Federal Reserve Bank ) does this when refrain from raising interest rates while waiting for the economy to return to a more robust strength. American Express is blocking my ability to achieve financial stability and credit worthiness due to their terms which amount to keeping me in a virtual debtors ' prison. This is illegal and unfair business practice. Full disclosure, I was enrolled in XXXX from XXXX XXXX to XXXX XXXX with The XXXX ( R ) due to a hardship in my business resulting from the terrible winter at the end of XXXX which wiped out all attendance at a major trade show I attend in XXXX thereby leaving me with all the costs of attending an out of state trade show, but none of the sales. I paid off The XXXX XXXX ( XXXX ) in XXXX XXXX and closed the account. This time it is for the XXXX ( XXXX ) XXXX XXXX, a different card but due to another terrible winter at the end of XXXX, abysmal trade show attendance and meager sales I am having trouble paying down my balance, this card allows for a revolving balance. I call American Express about every XXXX months to get my APR percentage rate reduced and now it is at 15.99 % which American Express has told me is the lowest rate that I can receive. If I were enrolled in the XXXX program the interest rate would be 9.99 %. To maintain fair business practices American Express has to accept the terms of my Debt Management Program through XXXX XXXX XXXX XXXX or enroll me into their XXXX program. I have inquired multiple times if American Express favors a Debt Management Program and to please give me the details. I was told that because American Express has its own hardship program it does not accept any outside Debt Management Programs. All of my phone calls to American Express have been recorded by American Express and they can confirm all that I have written here from those calls as well as the frequency of my calls to them. My current monthly payment is unsustainable at the amount and interest rate and it is putting my ability to maintain a healthy business at risk. This is why I have reached out for help during this stressful time. I now need American Express to extend a hand to my business, where all of the goods have been handmade in downtown XXXX XXXX since XXXX, so we can survive this slump and go on to prosper, all of us.

Company response to consumer: Closed with explanation