Closing credit card account questions-finanace charges?

Regarding closing an account: Does closing a credit card account stop finance charges from accumilating on balances? Do balances have to be paid off all at once upon closing an account or can you make payments on them?

We have three cards all have high intrest rates now that the introductory rates have worn off. Two are close (within $200) of the credit limit of $3,000. I was just considering closing the 2 accounts if it will stop (or at least slow down) the intrest and finance charges from racking up. I cannot pay off the total balance and would still need to make payments on the balance. Our credit score is in the upper 600's and I'm not too worried about it, just want the debt payed off. We have reached the turning point to be able to actually getting the debt down instead of just making minimum payments. We dont use the cards really anyway, they were just to utlize the low rates and lower the balance on the 3th card. Anyway- Any thoughts? Help? Ideas? Thanks!

The answers so far have not been what I need to know. I want to close the account to stop the charges. Not charges I'vemade but the finance charges. Like last month we made $50 in charges but the finance charge of the total blaance is $44 making the monthly payment $82.00. I dont care about the credit score, we already have morgage, home equility line and car loan. Just want to pay down the debt without keeping racking up charges.

You can close out your card if you still have a balance. You'll still have to make the minimum monthly payment, but you won't be able to make new charges. Keep in mind, it will be better for your credit rating if you keep the accounts open after they've been paid off.

You can visit http://www.debteraserzone.com and find very useful tips and several articles on credit card related matters. Report It

Its simple-- pay the cards down , but DONT close them. It will limit the history you have on your report

It sounds to me that you have a good history of making payments on your credit cards and thats probably why your scores are good. Alot of people make the mistake of thinking just having credit card debt is hurting them, that is a big misconception. Having credit card debt, and how you manage it is what helps your score. So you should pay these cards down to zero, and then just only use them a little each a month without racking up interst rartes.

Go to daveramsey.com and check out what he says about this. He is the expert on getting rid of debt.

You can close the accounts but interest will still accrue on any unpaid balance at the current interest rate.