does credit card debt add interest if unpaid?
397553
Assuming your balance was $1000, and your credit card rate was 21.9% (Fairly Standard over here), your balance after 5 years would look something like this:\n\n\nEnd of---Balance---Int charged\nMonth 1---1018.25---18.25\nMonth 2---1036.83---18.58\nMonth 3---1055.76---18.92\nMonth 4---1075.02---19.27\nMonth 5---1094.64---19.62\nMonth 6---1114.62---19.98\nMonth 7---1134.96---20.34\nMonth 8---1155.67---20.71\nMonth 9---1176.77---21.09\nMonth 10---1198.24---21.48\nMonth 11---1220.11---21.87\nMonth 12---1242.38---22.27\nMonth 13---1265.05---22.67\nMonth 14---1288.14---23.09\nMonth 15---1311.64---23.51\nMonth 16---1335.58---23.94\nMonth 17---1359.96---24.37\nMonth 18---1384.78---24.82\nMonth 19---1410.05---25.27\nMonth 20---1435.78---25.73\nMonth 21---1461.98---26.20\nMonth 22---1488.67---26.68\nMonth 23---1515.83---27.17\nMonth 24---1543.50---27.66\nMonth 25---1571.67---28.17\nMonth 26---1600.35---28.68\nMonth 27---1629.56---29.21\nMonth 28---1659.30---29.74\nMonth 29---1689.58---30.28\nMonth 30---1720.41---30.83\nMonth 31---1751.81---31.40\nMonth 32---1783.78---31.97\nMonth 33---1816.33---32.55\nMonth 34---1849.48---33.15\nMonth 35---1883.24---33.75\nMonth 36---1917.60---34.37\nMonth 37---1952.60---35.00\nMonth 38---1988.24---35.63\nMonth 39---2024.52---36.29\nMonth 40---2061.47---36.95\nMonth 41---2099.09---37.62\nMonth 42---2137.40---38.31\nMonth 43---2176.41---39.01\nMonth 44---2216.13---39.72\nMonth 45---2256.57---40.44\nMonth 46---2297.75---41.18\nMonth 47---2339.69---41.93\nMonth 48---2382.39---42.70\nMonth 49---2425.86---43.48\nMonth 50---2470.14---44.27\nMonth 51---2515.22---45.08\nMonth 52---2561.12---45.90\nMonth 53---2607.86---46.74\nMonth 54---2655.45---47.59\nMonth 55---2703.91---48.46\nMonth 56---2753.26---49.35\nMonth 57---2803.51---50.25\nMonth 58---2854.67---51.16\nMonth 59---2906.77---52.10\nMonth 60---2959.82---53.05\n\nOn top of that, depending on your bank, you would also incur late payment fees, default fees, and a bad credit rating!\n\nMoral of the story - pay it back as soon as you can   - the banks are filthy rich as it is, they don't need any more of your money!
729576
No, but its not very sensible as you are continuing to mount up interest charges.  Contact them and see if you can come to some arrangement which will make it easier to pay.  \nDONT IGNORE IT ANY LONGER!!!!
274155
When I payed out mine, what I did was I asked for sample letters and using the samples as model, wrote the letters to all but one of my creditors. The debt with the remaining one was such, that I was able to pay it off completely, months later. Since payingit off, the offers starting coming to me in the mail. By email, too. It some times takes more than 12 months to pay off credit card debt, but it can be done.
944041
The only way you can "play" the credit card system to your advantage is only if you use the credit card as your "paycheck in advance".\n\nSee, if you pay the FULL amount you owe before the cut-off day (not the time frame established to pay a minimum or total balance, before that period there's a cut off day, you can ask the bank), you don't pay interests!. \n\nYou then create a good credit history, you are NEVER in debt, you NEVER pay interests, you have a back up for emergencies and you ALWAYS have money!. \n\nAny other way is getting into a debt....
554135
In UK it depends on the Interest Rate in your credit card.\n\nMost of the Credit cards have high-interest rates, probably the majority.\n\nA credit card that gives rewards by points have a high-interest rate also the ones that have Mileage (that accumulates miles)\n\nBut the average charge for an overdue bill of a credit card will be 18.8% to 25%.\n\nFor example you had received your credit card bill with the amount of £1,472.80 (Thousand four hundred seventy two pounds with eighty cents) And you didn't pay on May 22, then the interest will be of 23.4%, so in your next bill it would appear £1,472.80 + (What you waste on the month with your credit card) Ex(£356.79) + the interest of 23.4% it will be (£344.64)\n\nSo your credit card will be in a total of: £2,174.23\n\nBe very careful with the credit cards, it's a bad business of the banks, so try to maintain it and do not waste too much on it.
246842
Only if you stop paying off your credit cards . . . it will.  Keep your payments up and it will not affect your credit score.
323991
Yes, if they are still effecting your credit rating. The better your credit rating - the more they will want to loan you. I get automatically accepted for loans and credit cards. I've never had debts - always pay of my credit card, bought my car for cash. My credit card company offered me a loan at 5.9% last month. I could probably borrow that and invest it in the markets and make money! Give the impression you're loaded and they'll offer you more - if you're broke - you don't stand a chance of a loan for the price of a sandwich. With on line banking now - you can move money around your accounts and give them a great turnover and put virtually everything on a credit card. I was offered a new credit card that doesn't incur any interest for up to 12 weeks after the purchase. Stupid interest rate of 19% - but 12 weeks interest free credit can be handy.
968151
If you're already at the limit of $300 on the card, paying the $21.21 wont do anything to the available balance because that will go towards interest only.  \n\nYou won't be able to have the limit of $300 until all $300 is paid in full.
1157375
That's too general of a question.  If you've been responsibly paying your debts and have responsibly consolidated to reduce the interest you pay, it's different from the kind of consolidation done in response to credit problems.\n\nWebsites aren't going to be able to answer that question.
292290
Before I learned how to repair my credit.......ZERO....now that I have cleaned my credit and did it on my own.......let's just say I have more than I need and I use them all and all are at zero balances. Always pay in full. They aren't getting a red cent of interest off of me. If you must really know......5 visa, 10 mastercard, 1 discover, and 5 american express.
457309
Yes.  What the company that charged off the credit card did, was to sell your contract (account) to the collection agency/attorney that is calling you.  They can take you to court and sue for a judgment against you.  If you own a house they can put a lien on it. They can also demand $35 a week (or the sum the judge says) until the debt is payed off. Or, attach your wages.\n\nYou do have rights regarding their right to call.  You could call your State Attorney General to find out your rights.  (I know, after a while you want to disconnect the phone and except calls from no one.  I found it very depressing.)\n\nThe best thing is to eventually negotiate a settlement with them.  I think it is better to do this before it goes to judgment.  Also, Stay up with the court procedures.  As soon as you get served go to the Court house and fill out the form "Appearance".  I think if you look like a fighter they will be more willing to negotiate to a lower settlement.\n\nI got a lot of help from:\n\nwww.creditinfocenter.com\n\nGood luck!
286362
Ahem....When you ignore the credit card company, they will give your account to a collection agency.  If you ignore the collection agency, the credit card company will then sell your account and a few hundred other uncollected accounts to a law firm.  The law firm will then send you a demand letter giving you 30 days to pay in full or make payment arrangements.  If you ignore the law firm's letters, the law firm will file suit against you for the amount due on the credit card PLUS the maximum amount of interest allowed by your state, PLUS 25% attorney fees, PLUS all the court costs of filing the suit.  If you are served with the suit papers and then ignore THAT, then the law firm takes a judgment against you and puts a lien on your property and garnishes your wages and garnishes your bank accounts.  Garnishment is usually what makes a debtor stop ignoring the debt.  I have piles of this stuff around me right now.  In fact, I filed three garnishments this morning.
949223
Paying off the card will not clear the negative data from your credit. It will change to show 'paid off' but the missed monthly payments and collection activity will remain reflected on the report and affect your overall credit score. Unless...you are able to make a deal with the card company for a full immediate payoff if they agree to ask the info be removed from your credit report (and get it in writing first). If you need something immediately, it makes no difference anyway. Even if you can make a deal with the card company, it will be 3-6 months before your report is cleared. Myabe you take the high interest loan now and re-finance later?
223330
Typically, credit card companies will accept any amount you send them - it's money. However, unless you pay the minimum amount due, they will charge you late fees and interest and overlimit fees (if applicable) and cancel your card if they deem it necessary. The only way to help with this is to call the company and calmy explain your situation. They still may not work with you, but there is no way they'll work with you if you just ignore the situation.
83682
Its better to pay the full balance, because the unpaid portion would have the following impact:\n- unpaid balance will attract penal interest (ie higher charges)\n- the unpid balance can affect your overall credit profile and even get you in blacklisted...\n\nso pay the full balance...never leave any baalnce unpaid...
79751
ACTUALLY THERE IS A STATUTE OF LIMITATIONS ON CREDIT CARD DEBT! \n\nIt depends on the state you live in.  You would have to look it up some how.  I know that some states it is 4 years some 5 and others may be a little longer.  \n\nIf you have not recently been contacted by the creditor in relation to the 12 year debt and then PROMISED to pay it - then no.  If you HAVE been contacted and then you said you would pay it.... you just may have screwed yourself.  \n\nThe main thing with old debt - if it is near the statute of limitations, the creditors will start to call you about it.  If you promise to pay it in any way or say you have the ability to do so it opens your statute up again for another "how many" years.  (what ever the statute of limitations is in your state)  \n\nExample on your 12 year debt. If you lived in a state that had a 4 year time period...and  If you hadn't paid anything on that debt, then right around the 4 year mark you would start getting phone calls about the debt - If then you promised in some way  you would pay it... it would extend your statute for another 4 years... then once those 4 years passed & you never paid, you would be nearing your new 4 year statute of limitations they would start calling you again.  If you then promised yet again that you would pay - You just extended that statute Yet AGAIN.  So if you have 12 year old debt and they are calling you on it... this may be what is happening to you.  If you have promised to pay this debt off in the past, you have extended your statute of limitations each time.  \n\nIf you don't intend on paying it cause you just CAN NOT and have no money to do so - DON'T promise that you can.  Tell them "NO - I CAN NOT PAY it".  They will write off your debt.  Once the statute of limitations is past it will be illegal for them to pursue you for that money.  \n\nGood luck.
888638
It shouldn't affect it as long as you are shown as being "current" on the card payments. Credit reports and ratings are more to point out high risk people rather than keep tabs on whether a card is active or not.