Legal Question in Credit and Debt Law in Florida
I am unable to pay off most of my credit cards at this time. If I pay off one or two but am unable to pay off the others (while I know this is bad and will hurt my credit) will the 2 that are open remain open as long as they are paid and remain in good standing? In other words, will the cards that I pay at least the minimum on remain open and unaffected by the other ones that go unpaid at this time?
1 Answer from Attorneys
More than likely, unless the open cards are issued by the same lender. Then you run the risk of the lender closing all your credit card accounts. "Pay off" means that you are trying to pay the entire balance due at once. If these cards are in collections already, this may be your only option. If not, then you should pay at least the minimum on all of them and pick the one with the highest interest rate to pay more than the minimum. This is not legal advice - any financial advisor who has been in business longer than a week would tell you the same thing. Good luck.
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