Re: Amount of "Charge-off" vs. Original Credit Limit
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Posted by Linda (188.8.131.52) on September 08, 2002 at 02:23:54:
In Reply to: Amount of "Charge-off" vs. Original Credit Limit posted by Angie on September 07, 2002 at 12:35:49:
They can apply the interest and penalties specified in your account agreement. I'm sure they applied the $100 to the balance. When those cards go to the default interest rate, and late fees and overlimit fees kick in and don't stop, it can pile up fast.
That's what most consumers don't realize when they pay late. Do it once, the default interest starts, plus a late fee. If you don't pay it down fast it spirals out of control.
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