Legal Question in Credit and Debt Law in Texas

Credit card over the limit

I have 3 Credit cards with the same company. One is over the limit because I paid the the premium ,but it was after 3:00 est time and they charge for payments made after that time on the due date. I am on a limited income and pay the mim balance. Now that card is about 300.00 over the limit. the balance is at 600.00 now. I cannot pay the 300.00 needed to get it down. I have been paying the minium every month regardless. I do not want to just default on it, I do want to pay it off. If I request that the close the account they will want the entire balance paid at one time. Can I close the account and still make the same payments? The other 2 cards are in good standing and not being used.


Asked on 5/07/07, 7:45 pm

1 Answer from Attorneys
Bobby Warren Patel & Warren, PLLC

Re: Credit card over the limit

You may be able to negotiate with the credit card company to pay a smaller amount in satisfaction of the entire amount. In order to do so, however, there must be some aspect of the debt that is in dispute, such as the amount or the means by which they may have calculated any penalties.

In addition, there are credit counseling organizations out there who may be able to help you obtain more favorable terms for payment. Just do a search on Google for "credit counseling".

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Answered on 5/07/07, 8:25 pm


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