Oh yea! They will cancel your cards. I haven't entered in BK yet, but I stopped paying all of my credit cards in Feb 2009. I kept one tiny Paypal card with $150 limit, in case I needed to make any online purchases (I work out of my home so I don't always have the chance to GO places when I need something).
Anyway, they canceled that $150 card within about 3 months of me stopping my other cc payments. I argued with them that it was a small limit and I was a good customer. It's kind of funny when I think about it now. But they refused, stating that something has changed on my credit report and I was a "risk". Ironically, that same card allowed a bogus transaction of $75 from a poster company to be charged on my card 9 months later and I'm STILL trying to argue that I'm not paying it.
Credit card companies do what they want. They give and they take away and you will always be on the bad end of that deal.
I agree with the other post above--get used to paying for things with cash for a while. I do think that it's important to get a credit card to help build your credit, but I NEVER want to depend on them again. Credit got me into this mess! I want to be debt free!!!
Anyway, they canceled that $150 card within about 3 months of me stopping my other cc payments. I argued with them that it was a small limit and I was a good customer. It's kind of funny when I think about it now. But they refused, stating that something has changed on my credit report and I was a "risk". Ironically, that same card allowed a bogus transaction of $75 from a poster company to be charged on my card 9 months later and I'm STILL trying to argue that I'm not paying it.
Credit card companies do what they want. They give and they take away and you will always be on the bad end of that deal.
I agree with the other post above--get used to paying for things with cash for a while. I do think that it's important to get a credit card to help build your credit, but I NEVER want to depend on them again. Credit got me into this mess! I want to be debt free!!!
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