Credit and Debit Cards

Will all seven of your credit cards be cancelled if you default on two or three of your balances?

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Wiki User
2006-09-01 12:43:41

No. Only those companies with with you have an outstanding

balance and are not paying will close the accounts. However, seven

credit cards is above the average number. You may want to think

about closing several accounts and paying down the rest. * Maybe.

If the issuer decides that the account holder is becoming a

financial risk they do have options available such as lowering the

account holder's credit limit, raising interest rates, closing the

account, etc.

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