Most likely the credit card company wrote off the debt. However it will show on your credit as a write off, and your credit is still negatively affected by this. You did not receive a get out of jail free card.
The closing process seeks to reduce the balance of each account that needs to be closed to zero; therefore, the closing entry must reverse whatever balance the account already has. This means that any (temporary) account that normally has a credit balance will be closed by posting a debit (and vice-versa). Revenue is an example of an account that must be closed with a debit, since it is normally a credit account.
You can close a credit card account at any time, regardles of whether there's a balance left on the account. If it's not past due, you simply make regular monthly payments. If it's delinquent and the creditor hasn't already closed the account for you, you'll probably also make monthly payments on the balance. In some cases of severely delinquent accounts, you can agree to pay one final lump sum, usually less than the total amount owed. However, this will appear unfavorably on your credit reports, as will "account closed by credit grantor". Regardless, it's probably a good idea to close the account, particularly if it's delinquent.
As long as you pay the bank fee (usually $3-10) and do not allow your account to go into overdraft status, your credit rating is not affected. Even an overdraft does not affect your credit unless your bank account is closed and you leave an outstanding overdraft balance due. At that point, the debt will likely be reported to credit bureaus, resulting in a drop in your credit scores.
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