credit cards?

will my interest rate on my credit cards go down if I cancel the cards?

Public Comments

1. 1. You should never charge more than you can pay. 2. Never pay interest 3. No, to your question
2. If you cancel them, no. If you close them, yes, because they will be closed and you would more than likely not owe anything on them. You would also not be able to use them again.
3. If your rates on your credit cards have just gone up for some reason and you have a good payment history with your credit card company, many credit card companies will lower your rate back down to where it was if you agree to close the account. By closing the account you will no longer be able to use this account and you will still owe whatever outstanding balance is left. Keep in mind though that if you are late on any payments at this point, the credit card company will probably increase the rate to the maximum that is permitted per your credit agreement. Call up your credit card company and work with them. Best of luck.
4. Until the card is paid off you would be subject to the same terms and conditions as if the card was open. This includes the interest rate as well as penalties for things like late payments. You also may be subject to other fees. Some will charge you an account maintence fee each month you have a balance and have closed the account until it is paid off.
5. No!