Legal Question in Credit and Debt Law in Missouri

Re: Interest

Most credit card providers supply the credit card holder with a printed statement of the terms and conditions of your credit card arrangement. This is the contract between the two of you. Sometimes, the credit card provider changes the terms of the agreement during the contract and supplies an amended statement of the terms and conditions (usually by mail with a billing statement). Please check your own specific terms and conditions for any clause in your agreement which deals with this issue. Generally speaking, the agreement is written in most cases to provide that interest continues to accrue until the account is paid. There is usually no provision for the interest to stop if the account goes to collection. However, in negotiating a payment plan or other settlement with the creditor or the collection agency it is often possible to get them to agree to stop charging interest. If you make any such settlement or payment plan, be sure to get it in writing. I hope that this has been helpful for you.