Credit card write offs due to being under 21 when aggrement was signed?

Question

Hi, i was told by someone that it is possible to get a credit card written off if you entered into it being under the age of 21... I have a card that i got when i was 18 and the interest rate is 28% and im 24 and the balance just keeeps goin up.. its horrible... so if this is true and anyone has information for me that would be great!! Iv never gotten another credit card since then!! ALso, i live in Mississippi, so im not sure if it varies by state....

Answer 1

Credit card companies won't just write off your debt. Regardless of the age you were when you opened the account, it's YOUR debt and YOU are responsible for it. Credit card companies are in business to make money, and that doesn't happen when they let you off the hook for a debt that you owe.

You need to contact your credit card company. ASK THEM to lower your interest rate - they will often do this when someone is having trouble making payments. If you have to, tell them that you're going to pay the card off and close the account - they don't want you to do that, so this may encourage them to work with you to get the interest rate lowered.

Is the card maxed out? If not, ask the credit card company to lower your credit limit. That way, you can't do any more damage by charging up more debt.

Good luck!

Answer 2

You can have a credit card written off no matter what your age is. If you don't pay it, the issuer will eventually write it off generally after 6 months as a bad debt so they can get certain tax benefits. That's not to say it won't go to collections, but that's another issue.

You got the card above the minimum age at which you could legally enter into a contract (18). You may have gotten out of the debt if you caould have proved that they issued you a card prior to your 18th birthday.

So, sorry. You're stuck, unless you decide you don't want to pay anymore. Then they'll write it off, but you will have to deal with collectors and/or legal action against you.

Answer 3

The legal age to enter into a contract, or agreement is 18 so legally you are bound by it. If the balance continues to go up you are probably, late, overlimit, or not paying and thus accumulating penalties, such as late fees, and overlimit fees, which can be pretty hefty. First get the card under the limit, substantially ($100) before the next due date. Once you get it under control call them and see (if the card is still active) if they would reduce the interest rate, usually if you keep current for 3-6 months they will. If you stop paying on it it will go to collections and wind up on your credit report for 7 years.

Answer 4

Maybe if you were under 18 at the time agreement was signed but I've never heard of debt being written off for being under 21 at the time agreement was made. Call and talk to the credit card company and cancel the account if you haven't already and ask about payment plans to get the balance paid off. And try to pay at least twice the minimum each month.

Answer 5

You're obligated to the debt. You were of legal age when you signed the contract for the credit card. There is an easy way of stopping the charges from going up. Cut up the credit card. Pay as much as you can until the balance is $0.00

Answer 6

Nope you are legally allowed to enter in contracts at 18 years of age. So you won't be able to get it removed because you were 18 years old at the time you got the card.

Answer 7

that someone told you wrong. 18 is the age not 21

Answer 8

Absolutely not. If you were over 18, you owe the money. 21 has nothing to do with it.

Answer 9

Sorry, but you have been told wrong.

The legal age to enter into a binding contract is 18. so you owe the debt.

Answer 10

Legal age is 18, sorry. Pay them and you won't have to worry about it.