Can a credit card company continue to accrue finance charges on a credit card they closed?
YES. Just because they closed the credit card, doesn't mean that you don't owe the money.
If they close the credit card, many times they will also increase the APR and decrease the grace period to pay. If you don't pay on time they can also charge you a late fee.
WHAT IF THE CONSUMER CANCELS THE CARD-------DOES THAT STOP AN INTEREST INCREASE?
jmalmberg
- Re: Shaulis
|2009-08-14 19:58:26
You need to tell them that you don't agree to the new terms. They will cancel your card but your interest rate should continue to be calculated using the old method as long as you make your payments on time.
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