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Payoff closed credit card without being charged late fees and finance charges

Ferndale, MI |
Filed under: Debt

I WOULD LIKE TO CLOSE TWO CREDIT CARD ACCOUNTS AND PAY THEM OFF WITHOUT CONTINUING TO BE CHARGED FINANCE CHARGES AND LATE FEES. IS THIS POSSIBLE?

Attorney Answers 1

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Generally speaking, the answer is likely not, unless you can convince the lender to agree to those terms. When you opened a credit account, you agreed to pay the credit card company interest for borrowing their money, and to pay fees related to the account, including late fees. You can certainly close the accounts to additional charges, but you remain liable for charges, interest and fees pursuant to your account agreement. Review your account agreement and discuss the issue with a local attorney if you have questions.

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