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Closing CC Accoung

I am separated from spouses; however we have high debt on credit card. If I close account, will this stop interest from compounding. We will try and make minimal payments to debt but the interest is too much.

Posted from: British Columbia

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One Response to “Closing CC Accoung”

A licensed trustee said...

Unfortunately, the credit card company will not allow you to close your account if a balance remains outstabnding. They will allow you to restrict the account so that no new purchases can be made, but they won’t simply close it.

If you call and explain your plan, the company may agree to reduce your interest (or even suspend it for a while) – this is completely up to the credit card companmies discretion, but it doesn’t hurt to call and ask…