Are credit cards ever paid off?
My DH & I, like many others got into a whole lot of CC debt-like $53k. He's on workers comp, SSDI, with gas prices going through the roof...basically there wasn't alot of income to cover our monthly bills. (I do work full time and put in OT each week to add to the income).
So we bit the bullet and did what alot of people say is a no-no and took out a 15 home equity loan (7.89%) for $50k to pay them off. This would reduce our credit card monthly minimum from $1472 to $470. Prior to closing, the bank said to get 30 day payoffs but when I called the companies they would only say that the payoff is what was on our recent bill. So those are the numbers we paid. I then went online to each of the companies to make sure the $$ got credited and they all had balance -0- amount due -0-.
Now we're starting to get new statements in - with finance charges! I called one (MBNA who we've been struggling with for years - over $10k balance). They said the charges are appropriate because they continue to increase until the day the $$ is posted. Whatever happened to grace period? They refused to reverse the charge so now I have an additional $142 to pay. So I asked him if I paid today what would I have to pay to get it to -0- because I want it done with - and was told that interest charges don't add interest. ??? Doesn't make sense to me. Since he said he wouldn't reverse - not because he wasn't able to but because he didn't WANT to that made me mad. So I hung up.
I was so angry over this I just want to cry.
So-if I don't pay all of this $142 by the payment due date do they add more interest on the interest for next month? (I guess my question is do I now -not pay something else to get this off my back or can I string it along paying a little at a time without interest being added?)
I've also got one of these bills from Citibank and am afraid to call.
After going through everything to think they were all paid off and cut up and closed I just wasn't expecting to get more bills.
So what do I do?
Now I get