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[11/16/2007]
Closing a credit card account is a usual practice. But the circumstances of this cancelling may vary. When you apply online for credit card and sign the contract you should know it is your legal right to cancel your account. But the time you close it is a subject of concern.
When closing your credit card it is necessary to determine why and what for are you doing that. You might be closing it to additional further purchases or you are looking for the best credit card offer. The balances on your account need to be taken out in both cases.
When filling in a credit card application you should consider it's not that easy, though. Some cardholders cancel their credit cards with some default records left on them. The problem about it is not their forgetfulness of paying off the last debt, but their hope that the credit issuer will forget about this small bill.
Dream on. You can't think you may close your account with debt on it. Your balance is insignificantly small and you just stop using your account and this credit card is declared closed. But you should take into account that this circumstance will still be reflected in your credit report for up to seven years. Although your account is called closed it can't be so while there is an old debt on it.
The question about it is if the credit card companies are going to keep on sending bills and what is going to happen if you don't pay.
Frankly speaking, it all depends on each particular case and, which is curious, on the state you live in. You should keep an eye on all the credit card news and changing of the credit card rules. As for your creditworthiness, the creditor makes a decision whether to release your debt or sue you depending on the status of the loan. If the loan is reported as nonperforming they wouldn't insist on collecting the rest of the debt.
Let's figure out what nonperforming debt is. It is a credit card debt which is prohibited to collect due to a statute of limitations applied to your credit card.
Thereby the credit company is prohibited to sue you for nonpayment as soon as your debt comes to the certain time period. Only after the debt passes the statute of limitations the account is reported closed.
If a debt collector pursues you infringing on your assets you can legally sue him for violating of the Fair Debt Collection Practices Act.
No matter what your intentions are when, whether you are trying to avoid payment or have a tendency to settling an account you should know your state's statute of limitations. The period of time when your credit debt can stay valid may vary from state to state.
If your old debt is within statute limitations your credit card account can't be closed and you are still a debtor. Search for the new credit cards and get credit cards online service.
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