Charge off?
Date: Tue, 02/10/2009 - 20:14
Can a credit card account still be charged off if you are making monthly payments, but they are less than the required minimum?
Thank you
Thank you
Most of the credit card agreements include a clause that if you'
Most of the credit card agreements include a clause that if you're unable to make minimum payment within the specified time period then you'll be considered as late in cc payment. Thus a late fee will be charged on you in case you pay less than the minimum payment. In fact they may take any of the following actions against you: -
1. Consider your credit card as charged off.
2. Increase your interest rate.
3. Report your account as delinquent to the credit bureau.
4. Refer your a/c to a collection agency
