Sheila asked in Business & FinanceCredit · 1 month ago

Deferred credit card account?

. Hi I have a question and it's about the first credit card account I always made payments to my account Faithfully without a missed payment and because of the pandemic I got laid off from work I wasn't able to make payments on my credit card account to keep afloat so they offered me deferred payment and of course I took the offer and now I see my interest rate is still going up I called and asked the company and they said yes it's still goes up I didn't know that it's with Bank of America should I close account and just finish all payments. Any help on what should I do

3 Answers

  • 1 month ago

    What makes any of you think that your obligations just stop because of Covid? Of course you're still going to be charged interest, just as you would on any other payment deferment.

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  • Robert
    Lv 7
    1 month ago

    Credit cards are among the highest interest legal loans on earth.  You should always try to pay off credit cards as soon as possible.  The only way to come out well with credit cards is to use them as a charge card and pay off the balance every month.  

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  • 1 month ago

    They won't close it while you still have a balance.  Interest will continue to accrue until its paid off.

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