Credit Card Agreement has been terminated - Do I still need to pay back?

Hoenir

surreysaver said:

cymruchris said:

Yes you have to pay it back.

If you're not going to be charged any further interest - then setting the minimum payment would mean it would take longer to pay off, but your monthly payments would be lower. I'd be inclined to kill the debt at the earliest opportunity and be free of the card though, and pay as much as I could afford each month until it was consigned to history. 

The earlier you pay it of course, the sooner the 'settled' marker will appear on your credit history, which will be a small boost in your positive credit history. 

Why would you pay any more than the minimum required if you're not paying interest on it?

As long as the debt is outstanding. Then it impacts any future credit arrangements. 

maxximus75

If in doubt, give the card provider a call and ask the question?

cymruchris

surreysaver said:

cymruchris said:

Yes you have to pay it back.

If you're not going to be charged any further interest - then setting the minimum payment would mean it would take longer to pay off, but your monthly payments would be lower. I'd be inclined to kill the debt at the earliest opportunity and be free of the card though, and pay as much as I could afford each month until it was consigned to history. 

The earlier you pay it of course, the sooner the 'settled' marker will appear on your credit history, which will be a small boost in your positive credit history. 

Why would you pay any more than the minimum required if you're not paying interest on it?

Because you'd no longer owe the money, you'd have a 'settled' account on your history, and your overall credit position will be stronger should you have the need to obtain say a new mortgage or a new sim-only mobile phone contract. Lenders would see that you owe less, and that you settle your accounts.

surreysaver

cymruchris said:

surreysaver said:

cymruchris said:

Yes you have to pay it back.

If you're not going to be charged any further interest - then setting the minimum payment would mean it would take longer to pay off, but your monthly payments would be lower. I'd be inclined to kill the debt at the earliest opportunity and be free of the card though, and pay as much as I could afford each month until it was consigned to history. 

The earlier you pay it of course, the sooner the 'settled' marker will appear on your credit history, which will be a small boost in your positive credit history. 

Why would you pay any more than the minimum required if you're not paying interest on it?

Because you'd no longer owe the money, you'd have a 'settled' account on your history, and your overall credit position will be stronger should you have the need to obtain say a new mortgage or a new sim-only mobile phone contract. Lenders would see that you owe less, and that you settle your accounts.

But you'd be earning interest at 5% on the money you've borrowed for 0%.  Any debt will have a negligible effect on any future credit agreements

FreakShow!

I'm agreeing with those saying to just pay the minimums. I have a good credit report already, I don't need to have my account marked as settled asap, I'm not in debt that I can't afford (now all credit cards are 0% and I'm stoozing away). I will mark my account to pay the minimums.

NoodleDoodleMan

FreakShow! said:

The earlier you pay it of course, the sooner the 'settled' marker will appear on your credit history, which will be a small boost in your positive credit history. 

> My plan is to Stooze and gain interest on this money

cymruchris said:

Yes you have to pay it back.

Why? My agreement is terminated?

The debt has not been terminated though.

born_again

surreysaver said:

cymruchris said:

But you'd be earning interest at 5% on the money you've borrowed for 0%.  Any debt will have a negligible effect on any future credit agreements

For how long though?

surreysaver

born_again said:

surreysaver said:

cymruchris said:

But you'd be earning interest at 5% on the money you've borrowed for 0%.  Any debt will have a negligible effect on any future credit agreements

For how long though?

Until the minimum payments pay off the debt

born_again

surreysaver said:

born_again said:

surreysaver said:

cymruchris said:

But you'd be earning interest at 5% on the money you've borrowed for 0%.  Any debt will have a negligible effect on any future credit agreements

For how long though?

Until the minimum payments pay off the debt

Was referring to 5% interest rates 👍

surreysaver

born_again said:

surreysaver said:

born_again said:

surreysaver said:

cymruchris said:

But you'd be earning interest at 5% on the money you've borrowed for 0%.  Any debt will have a negligible effect on any future credit agreements

For how long though?

Until the minimum payments pay off the debt

Was referring to 5% interest rates 👍

Doesn't matter. Even if it was earning 0% you would better off not paying it off, as it improves your cashflow