if i pay credit card debt will they close account ?

mumofthetwins

Hi Guys

ive decided i really need to hammer the CC debt .. Ive cleared my OD and have now decided to try to clear the CC

Problem is i have a holiday booked for next year that im saving for ..
i know i can easily save for it but was thinking instead of putting the money in a account would i be able to pay a large amount of my CC every month to clear them and then if i dont manage to save for the holiday on top of the repayments could i still use the CC for holiday spends or would the CC company close the accounts ?

I have never missed a payment and have 2 cards which i currently only pay the minimum on ?

any advice would be great
Lisa

ShirePiskie

Hi.

If you've not had any problems on the credit card (A missed payment, overspending limit), then there's not reason for them to close the card.

I think, and someone please correct me if I'm wrong, paying on CC gives you a bit more protection so putting your holiday on there might not be a bad idea.

If your CC is going to be 'dormant' until you pay for the holiday it might be worth doing a token purchase every couple of months and paying it off straight away so they know it's still active.

At the risk of being all judgy and everyone makes their own choices - is it worth looking at postponing your holiday until your CC is clear, saving for it when your not paying interest on debt?

ShirePiskie

Sorry, fast reader syndrome, didn't take it all in - you weren't asking about paying for your holiday on the CC, were you? Sorry, still hope some of the above is of use.

mumofthetwins

thanks for the reply ..
it should only take about 6 months max to pay the CC so shouldnt be to bad and im thinking that i can then pay for the holiday after that .. got flights saved for seperatly so its just going to be the hotel i need to pay for so not to bad (i just booked early as they had a cracking deal on the hotel so didnt want to miss it)
Lisa

thanks for the tip about the account not lying dormant ... never thought of that