$32K in credit card debt at 28% interest.....

[fxpose]

Originally Posted by Scottw

You can close the account yourself or in most cases the creditor does it for you. It doesn't alleviate the outstanding balances though.

But technically you still owe money associated with that account.

[Scottw]

Originally Posted by fxpose

But technically you still owe money associated with that account.

Yes sir you would until the account is paid off in full, settled for lesser balance and paid, discharged through a Bankruptcy or erased in instances where the statute of limitations expires.