By Dan Samaria
Publisher/GCC
Jan. 24, 2010

Editor’s Note: There are many sites that can help you with dealing with debt. This site we use weekly with advice it called The Ask Doctor Debt.

They have answers to many frequently asked questions regarding debt and credit problems.

This week we will be giving you some FAQ that have been sent to their site. We hope that this will help you, in dealing with debt.

If you have any questions, you can reach us dan@goldcoastchronicle.com

 

(Q) I would like to know if I make a payment to my credit card 15 days before its due date every month, will I have to pay interest.

(A) Interest accrues every day that you carry a balance on your credit card. By making a payment early, interest will not accrue on the amount that is paid.

 

(Q) Can a credit card company cancel a card if I don’t use the card?

(A) Yes, credit card companies can cancel a card if you don’t use the card for a period of time. 

If you don’t want the credit card company to cancel the card, you should use the card every couple of months and pay off the balance each month. This will keep the card active.

 

(Q) If I have an account closed, do they have the right to continue to charge interest and penalties?

(A) Even if you close your account, you will still accrue interest and fees on the outstanding balance at the time you closed the account. 

Interest and fees will continue to accrue until you pay off the full amount of the balance owed to the credit card company.

 

Source: Ask Doctor Debt