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Yes. Once a contract has been defaulted upon the lender can take whatever action allowed under the laws of the debtor's state to collect the debt. It is unlikely the lender will sue as long as the debtor continues to pay unless the amount is only a token one, for example $10.00. The account balance will continue to mount significantly due to penalties and interests even though the account has been closed, resulting in an even larger debt.

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โˆ™ 2006-06-07 19:02:02
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Q: Can someone be sued if they have a credit card with a 20000 debt and they close the card and they are making payments but the payments are less than the monthly minimum?
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You pay longer & more interest overall.

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Credit Card Minimum Payment Calculator?

Credit Card Minimum Payment Calculator Use this calculator to determine how long it will take you to payoff your credit cards if you only make the minimum payments. Enter your credit card information below and press "View Report" to see your payoff details.

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Most credit card issuers have moved to a monthly minimum payment due of 4% of the outstanding balance. For a $50,000 balance this would equate to $2,000. Some issuers only require 2% or 3% minimum payments, which would equate to $1,000 or $1,500, respectively. You would need to check with your credit card issuer to determine their particular minimum payment requirements. Check out to look at different scenarios.

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To pay off debt yes, to make monthly payments no.

How do credit card companies stay affluent when so many card owners are in serious debt to them?

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