I owe about $6000 to AX, can I cancel the account so that they would stop charging me interests? If so, how to do it?
2006-08-01 02:59:02 · 13 answers · asked by qiushen 1 in Business & Finance ➔ Credit
go to them talk and do settlement simple
2006-08-01 03:02:31 · answer #1 · answered by manuj 2 · 0⤊ 0⤋
Canceling the account will not stop the interest charges. The charges will always accrue until you pay them back. There are some fees that you can stop (over the limit, maintenance, etc) if you are able to work with them and agree to 'cancel' the charge ability of the card and just pay off the balance.
If the interest rate is too high, consider getting a 'bill consolidation' loan from a bank at a lower interest rate. When you do this, the bank will cut a check to AX and any other credit instituion you are consolidating and effectively cancel the cards. Then you will be obligated to pay the bank. You will still have interest accrueing that you will have to pay.. but it will be at a lower rate.
Hope this helps and good luck!
If things get too bad... there are non-profit debt counseling services that can help you acquire the consolidation loands.
2006-08-01 03:07:08 · answer #2 · answered by wrkey 5 · 0⤊ 0⤋
You should cancel your account but no, it would not stop the interest. That is how they make their money. When you got the loan or line of credit you signed a document. That is legal binding that you will pay the interest and penalties if any apply. Then it says the interest can be changed without notice. It is all there in the fine print. You can probably move the debt to a lower interest credit card but the best thing you can do is pay it all off and not do that again. Next time pay in cash then you don't have to worry about interest!
2006-08-01 03:05:32 · answer #3 · answered by dutchfam7 4 · 0⤊ 0⤋
AX or typical credit card make the incomes by charging interests on you. Closed or not You still pay for what you owed. but be smart now. If you closed the account right now, they may demand the account paid in full or they can charge interest up to 24% as they wish. Try to get second job to pay it off and close the account after you paid it off
2006-08-01 18:45:37 · answer #4 · answered by Hoa N 6 · 0⤊ 0⤋
Even if you closed the account, you still owe them money. Interest will continue to build. Closing an account in this instance only means you will no longer be able to put additional charges on the card.
You will be presented with a "final" bill, and if you don't pay in full, the account will remain open for the purpose of keeping track of the amount owed and the interest will continue to build.
Occasionally, they will reduce or forgive the interest but you'll have to talk to them and negotiate.
2006-08-01 03:04:59 · answer #5 · answered by tkquestion 7 · 0⤊ 0⤋
I don't know what AX is, but anytime you have a debt due, the creditor can continue to charge you interest on the unpaid balance until it reaches zero balance. Cancelling is a option, but it won't affect interest charges. Got to get it all paid off and then try to keep it under control from then on. Cancelling won't affect current charges, just stops you from making future charges. What's ax?
2006-08-01 03:03:42 · answer #6 · answered by nothing 6 · 0⤊ 0⤋
If you have other debts that you are also incurring high interest on, then you may need a break to get them paid down. AX does offer to eliminate the interest in full if you successfully repay your account balance in full through a debt management program. They do this at the end, so you must pay your debt in full before they will give you credit for the accrued interest.
2006-08-01 05:40:08 · answer #7 · answered by Anonymous · 0⤊ 0⤋
You can cancel the account, but you can not stop the accrual of interest. You can, however, write a letter to cancel the account, tell them that you are trying to find a way to pay your debts without filing bankruptcy, and ask them to reduce your interest rate to assist you in clearing up the matter.
2006-08-01 04:25:38 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Interest will keep accuring until you have paid off the account. You may want to talk with them and arrange a reasonable payment plan and that you are canceling the account at this point till you have paid the debt.
2006-08-01 03:11:30 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Even if you close the account, they will still charge you interest on the money you owe them. Credit cards suck.
2006-08-01 03:03:06 · answer #10 · answered by Lunita del Sol 3 · 0⤊ 0⤋
I AM GUESSING YOU MEAN AMERICAN EXPRESS CC. YOU CAN ASK FOR A SETTLEMENT, BUT THAT WILL GO ON YOUR CREDIT REPORT. I SUGGEST YOU CONSOLIDATE THIS ACCOUNT. IF YOU OWN A HOME. GET A SECOND MORTGAGE. CALL THE COMPANY. IF YOU HAVE HAD A GOOD PAYMENT HISTORY, ASK THEM TO LOWER THE INTEREST RATE. THEY WOULD RATHER YOU KEEP TJHE CARD AND KEEP CHARGING THAN TO LET IT SIT AND ONLY PAY THE INTEREST. CREDIT CARDS ARE TRAPS. DONT GET CAUGHT
2006-08-01 03:07:23 · answer #11 · answered by blackherculesmale 2 · 0⤊ 0⤋