2007-01-15 17:09:22 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
That very thing happened to someone I do bookkeeping for. They split the payment into 6 payments, charged interest and late fees, and lowered the credit limit.
2007-01-15 17:15:32 · answer #1 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
If you look at your credit agreement, they will charge you 2.5% of the balance due per month as a late fee (which works out to be 30% a year). Also, they may charge off your card (which means your card is cancelled) and then your account gets sent to collections.
If you cannot pay off your card in full, then you shouldn't be using it.
2007-01-16 01:14:12 · answer #2 · answered by jseah114 6 · 0⤊ 0⤋
They don't usually cancel you. What they do is send you a monthly statement with how much installment they expect you to pay. This is ok, but you get charged interest while you are doing this and it is usually pretty high. This is my experience with the credit cards I carry.
2007-01-16 01:17:07 · answer #3 · answered by Alwyn C 5 · 0⤊ 0⤋
After awhile, they will close your card & send you to collectins.
2007-01-16 01:46:33 · answer #4 · answered by bundysmom 6 · 0⤊ 0⤋