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by Mearson on April 29th, 2007

Mearson

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I have a credit card that is over it's limit by an amount I cannot pay..The cc company refuses to help. The amount keeps increasing. Would it be better to close the account myself or go to a debt consolidation place?

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Answers. 4 helpful answers below.

  • by Anonymous on May 12th, 2007

    Anonymous

    The worse thing to do with a credit card is close it with it bad! It will show on your credit report this way for 7 years! The best thing to do is call the credit card company and ask them to work with you! If you tell them you're going to have to file bankrupcy if they don't help you, I'm sure they'll change their minds! Ask them if they can wave some of the late fees for a large payment to show you are serious about keeping this account in good standing! Do not let this account close in these terms!

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  • by keithold is a prodigal bagger on April 29th, 2007

    keithold is a prodigal bagger

    G'day Mearson,

    Thank you for your question.

    If you have a credit card that you cannot pay off, you probably need to see a credit counselling or debt counseling agency.

    I have attached sources for your reference.

    Regards

    Wikipedia Credit counseling
    http://en.wikipedia.org/wiki/Credit_counseling
    American Association of Debt Management Organisations
    http://www.aadmo.org/
    Association of Independent Consumer Credit Counselling
    http://www.aiccca.org/
    Fiscal Fitness checking out credit counsellors
    http://www.ftc.gov/bcp/conline/pubs/credit/fiscal.shtm

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  • by moondawgie on May 12th, 2007

    moondawgie

    They won't let you close the account until it's paid in full.

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  • by Rescuer Treesaw on April 29th, 2007

    Rescuer Treesaw

    I dont think you can just close the account, get help. Try Lutheran Social Services, it may cost less than other debt consolidation businesses.

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