does closing a credit card stop interest rates from going up?

If someone stopped paying their credit card for a few months, the interest rates on that card go up. Can closing the credit card stop the interest rates from going up or will the balance of the credit card still cause it to go up?

By | 2013-08-26T21:18:54+00:00 August 26th, 2013|Mortgages Home Loans Interest Rate|1 Comment

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  1. JEFF KOGA August 26, 2013 at 10:12 PM - Reply

    NO it will not stop the interest rate… if you are behind on your payments on a credit card, contact the credit card company. Speak to them and ask what they can do to help… typically they will set you up on a payment plan or give you a settlement amount. If you can come up with the settlement, i would recommend this route….

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