Can cc be closed if there is a balance?
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Can cc be closed if there is a balance?
| Sat, 06-18-2005 - 11:29am |
Hi - just found this board and would like to post a question:
I owe about $12000 in cc debt.

Hi Kelly, Dh and I had 1 credit card before this one & we wanted to make it so that we couldn't charge anymore. Essentially close the account but keep paying on it & they wouldn't let us. They said that it has to be completely paid off before they can close the account. You can bet AS SOON as it was paid off we closed it.
As far as the over limit fees I would see if you couldn't talk to a manager & explain the situation & tell them that you will pay as much as you can. See if they'll work with you. I have read that some on here use a Credit Counseling service, I don't know how it works though. I'm sure someone will be along shortly to help.
The only other thing I can think of is to see if you can consolidate the cc's into one & pay on it that way. From what I've seen on the Credit Counseling commercials I think that's what they do. Again I might be wrong.
Good Luck & Welcome...I'm a newbie here too! ;) It's 5 o'clock somewhere
All my best,
Danni
You could go to your bank and ask about their debt consolidation loans. We did this once and it was the best thing we ever did. DH had many maxed out credit cards before we married plus a truck payment. We consolidated all the cc's and truck pmt into one loan at a much lower interest rate than what cc's were charging. So our monthly pmts were lower and we were being charged less overall due to the lower interest. And, when the bank consolidates your debts into one, they basically pay off your debts in full and you must agree to close the accounts once the bank pays them off. We were completely debt free after a few years (and I know if we never did consolidate we would probably still be up to our eyeballs in debt!)
It may be worth looking into, especially if you have more than one debt.
Mocha
Mocha
Excuse me for being a lurking newbie and jumping in, but I had a problem last year with getting my payments in on time. I was late two months in a row so they raised my interest rate. I called and asked what to do and the woman suggested I go on autopay. Now the money is taken right out of my account each month. It has really helped me. I bumped up the payment a bit so I was paying more than the "minimum balance." Now I'm paying $100 over the minimum they want. It's a great feeling to not have to worry about my payment being late.
If I were you, I would call again and explain your situation. See if going on autopay will help. Tell them you need a six month grace period where you make less than the minimum payment. If you're on autopay, they may be more inclinded to work with you. My cc company put my rate back where it was because I asked.
mom_writer