What happens to you if your credit card has been
cancelled?
What do you do? First, try to pay off your debt as soon as
possible—and get out of it! The lower your balance, the lower you’ll have to
worry. It will ultimately do you a lot of good if don’t have any credit card
debts at all.
There are two scenarios that you are most likely to
encounter with a cancelled credit card. First, how will it affect your credit-to-limit
ratio and, second, what happens to the interest rate of your unpaid balance.
In most cases, with revoked credit cards with unpaid balance,
the credit card company will automatically increase your interest rate by up to
30 percent. If you pay only the monthly minimum, you’ll never get out of the
debt on that card.
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