will i be paying interest on a cancelled credit card that has an owing balance?

Answer 1

yes, you will carry interest until it is paid off.

Usually a ridiculous rate 24+%

Answer 2

Yes, you will be paying the interest earned of your cancelled credit card for as long as you still have an existing owing balance. I am working with a financial institution whose business nature is much like of a bank's. If your account is in arrears, your payment made will be applied/credited first to penalties, second to interest, and the balance (if there be any) will be applied to the principal.

Answer 3

No, no...dont worry about. Just get another card or two now, like RIGHT NOW, and start using them. Later, you can cancel them too. Make sure to max out the cash advances, because you never know when you're going to need cash.

Answer 4

Oh yes, you will still be paying them on the money you owe. See if you can pay on-line that way you can pay everytime you have a little extra money and get it paid off quick. CCards are so addicting.

Answer 5

while a debit balance remains on the card you will definitely continue to be charged interest. get in touch with your card provider to find out full details- then you have the correct information for your situation

Answer 6

With credit card, when are you not paying.!!!! Depending on the interest rate. you should try to pay it off as quickly as possible

Answer 7

You bet!! They're in the business to make money. They might drop the interest (if you ask nicely) now that it is closed.

Answer 8

yes,thanks for the points

Answer 9

yep. you will pay interest until it is paid in full.

Answer 10

yes, until it's paid off