I have my CCs frozen in ice so I won’t use them but I can’t close them because I can’t afford to pay them off.

Also, one of them is a card I was “authorized” on, but is actually in my mom’s name. I’ve been okay with this, as has she, but yesterday, they did what many companies are doing and lowered the available balance – to JUST above what I owe.

I’m devastated. Not because I want to use it, but because it means that I singlehandedly just upped my mom’s % utilization with the credit reporting agencies.

I feel horrible. But to be honest, it’s tempered by what I see as a positive reality check. I have a three-year plan to pay down the $45K I owe across several cards and my car. But I’ve been relaxed about it until now. Now it feels like a critical turning point.

I cancelled my “authorized” card for this account. It doesn’t help my mom, but it might help me be able to move that money into my own name before too much longer.

I hate that my past behaviors haunt me. That’s bad enough. But now I’m hurting someone else and it’s really a painful place to be.

I sat down last night and did my budget for the next two paychecks. Happily, all my irregular bills are paid until Christmas, but I’ve already planned for that so it’ll be okay.

Debt is a sticky and unhappy place to be. I keep telling myself how quickly three years will go. But today is a rough day.

close CC accountWhy freeze them unless you intend on using them again?- cut them up! You can close accounts and continue to pay on them until the balance is paid in full. My spouse and I have done it and are doing it.

I’ve never had a company tell me I could’nt close my account because I cant pay it off. Even still, if thats the only reason- just cut them up. You wont use them unless you retain all the info and use them online. Close the accounts and take heart knowing you just made the first step towards never being in debt like this again! Yet, you can close an acct with a balance but it adversely affects your fico score…

I’ve heard that time and time again and have not seen it adversely affect my score ever. In the very least no more then carrying cards that are maxed out or falling behind and being late on a payment. I really believe that is another way the CC companies try to keep us in debt.

If you pay on that balance and pay the required minimum on time your score should not be affected by much if at all and the quickest way to help counter that would be to pay more then the minimum required payment. I’ve never had closed accounts affect my ability to obtain credit, car loans etc. but again they were in good standing.