How do I pay back my Personal Line of Credit?
Like a credit card, you will pay a monthly bill that shows your advances, payments, interest, and fees. None There is always a minimum payment, which may be as much as the entire balance on the account. You may also ...
What is negative amortization?
Amortization means paying off a loan with regular payments, so that the amount you owe goes down with each payment. Negative amortization means that even when you pay, the amount you owe will still go up because you are not ...
What is an option or payment-option ARM?
An option or payment-option ARM is an adjustable rate mortgage with several possible payment choices. Some of the payment choices do not cover the full amount needed to pay down the loan. The payment “options” usually include: Paying an amount ...
I let the card issuer know I was closing my account. They are still charging me interest. Can they do that?
When you close your account, you are still obligated to pay at least the minimum amount until the full balance is paid off. None The card issuer can still charge interest on the amount you owe.
Can a credit card company charge me interest after I close my account?
If you still have a balance when you close your account, you still must pay off the balance on schedule. The card issuer can still charge interest on the amount you owe.
Do I pay interest on new purchases after I get a zero or low rate balance transfer?
For most credit cards, if you carry a balance month to month, any purchases you make will accrue interest from the date of the transaction. This is true even if another balance you are carrying is not subject to interest ...
I got a credit card promising no interest for a purchase if I pay in full within 12 months. How does this work?
If you were told that you do not have to pay interest on the purchase if the purchase is paid in full within 12 months, your card has a deferred interest plan. It’s important to understand how deferred interest works. ...
A box on my credit card bill says that I will pay off the balance in three years if I pay a certain amount. What does that mean? Do I have to pay that much? If I pay that much and make new purchases will I still owe nothing after three years?
Card issuers are required to let you know how long it will take you to pay off your current balance if you make no further charges and pay only the minimum amount due each month. They are also required to ...