Legal Question in Credit and Debt Law in Texas

My son had an credit card account through CitiFinancial. He accidently made his monthly payment on the wrong credit card which caused his payment to be declined. CitiFinancial charged him a $40.00 nsf fee when he corrected the problem. He has never been late or missed a payment, this is the first incident of this nature. Now CitiFinancial has notified him via mail that they are closing his account and increasing the apr to 24%, which has caused his monthly payment to increase substantually. He wants to know if he can make a minimum payment of $50.00 a month without them freezing his checking and savings account. When he tried to talk with a manager at CF they jumped him.


Asked on 4/30/10, 9:42 am

1 Answer from Attorneys

Mark Dunn Mark D. Dunn

He should dump this credit card company.

He should write them a letter (a PAPER letter - stop using telephones!) and tell them to close the account. Then he should tear up all the cards he has for this account. Then he should pay it off as fast as he can, and never do business with them again.

The loudest sound in the world is that of a cash register not opening.

If the checking and savings accounts you're talking about are with CitiFinancial, you should close them out TODAY and change banks. Send these guys a message.

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Answered on 5/05/10, 11:55 am


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