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Can you cancel a credit card while still owing money on it?

I want to cancel my credit cards so that it is not even an option to use anymore. I have tried cutting them up but I end up getting new ones and using them again. I am wondering if I can cancel them but still pay on them of course just so I dont add more debt onto it. Thanks if you know that answer :)

Answer Question

Asked by Anonymous at 2:46 PM on Jun. 5, 2010 in Money & Work

Answers (9)
  • Yes you can.

    Answer by Anonymous at 2:48 PM on Jun. 5, 2010

  • I would give them to a family member and keep making payments on them,.I think if you were to try and cancel them you would have to pay the rest of the bill in full..not sure but that is just my GUESS lol

    Answer by ryanlynn at 2:49 PM on Jun. 5, 2010

  • Keeping the account open will actually help your credit better. Just keep cutting them up, and call the company and ask that they not send you anymore.

    Answer by xxlilmomma09 at 2:53 PM on Jun. 5, 2010

  • Yes you can just talk with your credit card company. Keeping a line of credit is only helpful if you plan on using credit to make future purchase. Credit being loans, credit cards, mortgage, etc. If you are trying to get out of debit and stop your bad spending habits then you are better off canceling the cards. Especially if you are tying to learn how to live within your true means.

    Answer by SAHMinIL2 at 3:00 PM on Jun. 5, 2010

  • Get some self control.

    Answer by Anonymous at 3:16 PM on Jun. 5, 2010

  • What I did was put them in the freezer in a container. I know its silly but the card gets damaged. Good Luck!!

    Answer by rosadnr at 8:40 PM on Jun. 5, 2010

  • You CAN cancel the account and still pay. You can also call and ask them for a settlement price or to make a payment plan. In doing this it will cancel your account. Just keep in mind that it will damage your credit, but in your case it may be in your best interest to suffer in the short term to better yourself in the long run.

    I also HIGHLY recommend buying the book written by Dave Ramsey "The Total Money Makeover". It will help you learn how to become debt free, and stay that way! Good Luck!!

    Answer by RutterMama at 9:00 PM on Jun. 5, 2010

  • I've canceled all mine and I still paid on them.

    Answer by SaraP1989 at 10:06 PM on Jun. 5, 2010

  • I tried to cancel one a while ago that I owed money on and they were going to charge me a fee so I would ask before doing it. What about putting them in a container with water and freezing them?? I've heard that this helps. GOOD LUCK!!

    Answer by rocamom at 11:12 AM on Jun. 6, 2010

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