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Alexa94

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110 People Helped
How do I close a CC that has an outstanding balance?
They are constantly adding fees... I don't like doing business with them. No matter how much I pay, my balance is always the same. I do not want to hurt my score, but, I'm tired of this.

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Transfer the balance?

Not sure of your individual situation, but it sounds like you definitely need to get the balance off of that card. There's two ways to do that I can think of:

1) Open a new credit card with a longterm (12-18 month) 0% introductory APR, transfer the outstanding balance, and use the 12-18 months to pay it down in full before starting to spend more.

2) Pay the entire outstanding balance in full & close the card.

Either way, you'll need to focus on paying more off than the minimum balance each month or else fees & interests will forever keep your balance outstanding.

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Closing the account won't help

Closing the account is near impossible when you owe them money.  The lender may stop allowing you to make new charges but even if you closed it they are still entitled to collect it and charge interest to it.  Go through your budget and see where you can find extra money to pay it down as fast as you can. If your only paying an amount equal to the new interest then you will never get it paid off. Minimum payments on large amounts are often calculated to pay off in 20 years if you make only minimum payments.  You don't mention how much you owe, but it sounds to me like you need to put the brakes on your spending and take control of your credit.   

Good Luck 

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I agree with ska. if you can open up a new cc and transfer balance. 

what do you mean by charging you fees? interest? or actual fees?

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