Thanks for the support Carlos and I was not trying to thread jack this thread, but wanted to point out that many people find themselves in debt to medical emergencies. I have been downsizing the cars and things. I know all will be well.

I failed to mention this happened a year and one half ago, maybe a little longer; however, I have been taking a beating. I took control of my issues and contacted my creditors to reduce my interest rates. For the record I will eat beanie weanies before I miss a payment.

Cheers
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28% that is unreal. Seriously unreal.
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:-):-)

Dave Ramsey has such a logical sense about getting out of debt. I'm using his principles now and should be clear by year end. Suggested read for any & every one.
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so just out of curiosity, what did he buy with 32k?
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Not any one thing.
Just used the card to subsidize what he needed but more like, wanted.
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He should close the accounts and negociate a lower interest rate. Even if his credit takes a hit, he could rebuild that later on.
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Famous last words....
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If anyone needs some help with this stuff, I am in the business. PM me an I will get back with you shortly with some help. I have done over 1000 restructurings where credit card and lease debt was involved. You will all pay the current BOTL rate which is all the advice you need for $0.00. (in other words, free).
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I pay my CC balance in full each and every month so I never pay interest. The banks hate me for that. I have only one CC (same visa account for over 20 years) and I use it only for on-line purchases and payments only. Everything else, I pay cash or check. For me, it'll be inconvenient not to have a CC.
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You can't close the account if there is outstanding balance.
I once bailed my wife out of her $20,000/25% account. They closed the account only after I paid the entire principle in full which I did. Subsequently, I made her close all other charge accounts. All has been well since.
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Sure, you can. I've done it twice in the last 10 years.
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I had capital one do the same thing to me.
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You can close the account yourself or in most cases the creditor does it for you. It doesn't alleviate the outstanding balances though.
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But technically you still owe money associated with that account.
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Yes sir you would until the account is paid off in full, settled for lesser balance and paid, discharged through a Bankruptcy or erased in instances where the statute of limitations expires.
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+1

It takes an emergency for me to carry a balance on a card. I use my CCs as a convenience, not to subsidize a lifestyle I can't afford. I don't care what the banks think of it, but it does wonders for my credit rating. Fills my mailbox with junk mail from other card companies too. :-)
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I'm still under my 18 month 0% interest and when that ends I think I go up to 6%. I also keep my limit low so that I don't even give myself the opportunity to fall into debt, especially this early in my life.
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