Legal Question in Credit and Debt Law in Illinois
I had a credit card about 4 years ago that never got paid off due to personal issues. I cancelled the card but have been being charged interest for the last 3 years. I would like to pay it off but i feel i should not have to pay the $750 in accrued interest. Am i liable for that interest?
Asked on 3/20/10, 7:15 pm
2 Answers from Attorneys
David Labovitz
Labovitz Law Firm, P.A.
Yes, although chances are the amount is negotiable if you speak with the creditor and offer a lump sum payment or some other acceptable payment arrangement.
Answered on 3/25/10, 7:30 pm
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