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Credit card question?
Once a credit card has been closed can the balance still gain interest?
I had a Master Card credit card for 3 years and was late making one payment (about 1 year ago) and my balance at the time was around $500 when the company closed the account. I've been making payments every single month since then and the balance is $770 in arrears.
Is this normal?
3 Answers
- 1 decade agoFavorite Answer
I disagree with Chris - when they "closed" the account, that just meant that you can no longer charge on it. But the balance is still there and the interest still applies, just like it would be if you were in good standing.
Get out from under this as soon as you can - the interest rate probably has gone up to some outrageous percentage, and the balance will snowball if you don't pay way more than the minimum. By law now, the statement should tell you how long it will take to pay this off if you only pay the minimum - take a good look at this - it should motivate you to get rid of this balance.
