Account closed

I read recently that due to the impending credit card changes, the Credit Card companies will begin waging war on the consumer. Read here for article.

I cringed when I read it and hoped that nothing would happen to me as if I was immune somehow, well….. something did.

I received a letter in the mail from one of my cards notifying me that my account had been closed due to blah, blah, blah.  Mostly that my outstanding amount was too close to the limit, etc…

Note: I have not missed a payment or been late on one either.

I didnt panic but I did call the card because I was concerned about one thing- “ENTIRE AMOUNT NOW DUE.” Obviously, I cannot pay the full balance at this time.

The full balance is not due. They will continue to send me monthly statements with accrued interest of course and when the balance is paid off, then the balance is paid off. Period. End of Story.

So, I’ve been forced to stop using that card but I’m not as hurt as I thought I would be. I havent used that card in over a month and that was to pay off a medical bill.

The debt reduction is inevitable and I’m grateful that it was them that closed the account and not me. Of course, it will say on my credit report- CLOSED BY CREDITOR but I can live with that.

Life will go on.