One thing to consider here:

what they mean by “closing” might not be what you think it means. I’ve had several credit card accounts closed over time; I voluntarily closed the last one myself. That doesn’t necessarily mean you have to pay it right this minute or have it go to collections. It usually means you simply can’t use that card for any new purchased or transfers. The amount you owe is still there, your payment plan is still there, and you just keep making payments until the balance is zeroed out. Having the account close may drop your credit score a little but it’s not like having an account go to collections. More like having a medical bill – you already got the benefit of that service, and now you’re paying the balanced owed. No more, no less. Most banks will close accounts of any kind for non-activity after a certain period of time, so this isn’t a surprising new strategy for them.

If your payments with these folks are on schedule, I’d suggest simply continuing to make payments on schedule. If you had stopped making payments for whatever reason, simply re-establishing a payment plan may be enough to make them happy (that won’t necessarily re-open the account but it will prevent it from going to collections.) If you WANT to pay it off sooner for your own reasons, then do so. But don’t rush around and feel forced to change something if that’s not already something that is of benefit to you.

Just remember that any account getting regular payments is also going to be reflected on your credit score, in your favor. Those regular payments count more in your favor, than closing off new purchases on a card that you’re not using anymore anyway. Just don’t feel rushed to do something; closing a credit account is not a huge deal.

If you haven’t paid anything in months

or are over your limit, you could offer a settlement amount, less than the amount you owe them.
I wouldn’t care about your credit unless you don’t own a house yet.
If not, then making monthly minimum payments should keep them from closing your account.
Call and talk to them and negotiate.

Bank closing one of my accounts

Well, my credit score has dropped a bit since I started paying off my debts and closing my accounts. So I got a letter in the mail from Synchrony bank (which owns my TJX Rewards Mastercard) that they’ve reviewed my account and decided to close it.
I actually can pay this account in full within the month if I rearrange my planned debt payment schedule… I owe about $3000.
But should I? By rearranging I will only delay paying off my car in full by a month.
I was thinking maybe if I call Synchrony and tell them I will be paying off the account in full they could negotiate to not report it as “closed by creditor” to the bureaus, which I know looks bad. Maybe they won’t care either way! Or maybe, I shouldn’t care? I just hate to see a nonsense ding on my credit. Yes I owe them money, but I have made my payments mostly on time and have them on schedule to be paid off this year.
What would you do?

My dad is a strong minded person

always was and probably always will be. He is type II diabetic. He still eats sweets. Some real, some with artificial sweetener and can’t understand why is sugar is out of control. He is in the hospital for a fall but I think he’ll go home on insulin and not his oral meds.
He does have a lot of the “I’m gonna do what I’m gonna do” attitude and not enough of the healthy stuff. I can’t change him, just encourage him. His knees have both been operated on so exercise like walking is still painful.

My brother who is not so “diplomatic”, says (when calling me about dad’s fall) that “dad is acting like he’s 101 years old.” There is a lot my brother says that I have to let go of. I didn’t respond to it. I just know that when things like this happen as you age, it takes more of a toll on your body, as you alluded to. I am not expecting dad to be able to bounce back as if he were 30-40 years younger. It is not gonna happen.

I just remember there’s that old saying, “If I had known I was gonna life so long I would have taken better care of myself!” All too true!

Prayers going out for your dad, Cindy

My folks are also in their mid-70’s and each new health thing is more of a concern than it used to be. They work hard to manage their mild-to-moderate health issues but it still gets a little nerve wracking to hear about all their doctor appointments.

Then there’s our rental pasture landlord who’s in his mid-90’s, with multiple moderate to serious health issues, and he’s bound and determined to do whatever the heck he wants. One part of me wants him to be more careful; this is a man I look to as a grandfather and I want him around as long as possible. Then there’s the part of me who hopes I’m still that determined and independent when I’m that age. His wife tried to take away his chocolate kisses on the advice of his kidney doctor, so he went out and bought his own and created his own stash. Gotta admire that at least a little.

Homework for us.. I guess I get detention

I have yet to finalize the April budget but it’s close. I have yet to get out cash, been doing the debit card thing. April sorta hit us hard. My plan was to get cash for envelopes last Friday and order my paper at WritingFanatic.com – custom writing service. However, my dad had a nasty fall last Friday and we have been dealing with that along with my brother & his family. We have not over spent in any category. I just need to subtract out what we have spent and get the corrected version of cash.

There is a category we want to add so we have to tweak the budget to allow that category to walk through the door. A family at our church is going on the mission field and we are going to contribute to their mission on a monthly basis. That is the tweak mentioned above. A little tweak here, a little tweak there.

Hopefully life will get somewhat back to normal when my dad finds out if there were any breaks. He is in the hospital and had either a CAT scan or an MRI today. He was a little confused about which one. His family doctor is pretty good. It’s just that this happened over the weekend and he initially got sent home and had to go back in for pain management. Now they are looking to see if there was damage they missed the first time. My dad is 75 and these falls are harder to get over as he ages, like anyone that is getting older.

We had a Murphy visit last week but he went away more frustrated than us

Monday morning I started to transfer money into some new sinking funds, thinking yep this feels great to finally get underway. I’d set up the accounts awhile ago but had only really been using a few of them. As of last Monday I started using all of them. I knew that move would make my budget a little tighter, but I wanted to get going on it and figured I could skinny down my spending here and there to compensate.

And then right on schedule, just like DR has warned us, Murphy came along after I did that constructive budget-tweaking. Wednesday night my DH was working on the computer when he got the dreaded blue screen of death. Those of you who know about fixing computers will know that’s fairly serious, but not necessarily fatal. This particular machine has been a problem in the past, but thankfully I’ve got enough software troubleshooting experience that I’ve been able to fix it each time. Last Wednesday, though, it was beyond fixing again. Problem is, I’d been using that machine for much of my internet-based work, and now my work platform was DOA.

Aha, never fear. In a testament to how weird modern life has become, I was able to shop for a new replacement laptop via my smartphone (!), ordered it via Amazon.com, and thanks to our Prime membership (which has already paid for itself) I was able to get the laptop ordered for next-day delivery. With money from SAVINGS, rather than credit card. I was so pleased with myself. I literally was unpacking the box almost exactly 12hrs after ordering it, and we had a replacement machine up and running at the 24hr mark after the old machine quit. That just blows my mind that we can get stuff turned around that fast.

Ahh, but what about the budget? That money came out of un-allocated savings, which had not yet gone to any sinking funds. I had been vaguely thinking to put it towards the truck repair fund but hadn’t yet done so. We discussed it this weekend and decided that we’d move forward with getting some truck repair parts as planned, and I was able to absorb the computer cost by cutting back just a little more on various other purchase plans. It was really a non-event, budget-wise. Wow.

Just a few years ago I would have gotten a much more expensive computer (after all, if you’re gonna borrow, borrow BIG!), slapped it on a credit card and just cussed at the payments. But I’m typing this on a brand new laptop, delivered 12hrs from when it was ordered, and paid for in cash (the electronic equivalent anyway).

Thanks for the thoughts

been a long few weeks. he’s been with this co for 26 yrs, so no brainer on the top of the food chain. the biggest thing is that at some time they dropped the pension for 401k..he’s up for both–been with them for a long time. they have offered a contract on top of the severance pay..so not totally left alone, but the taxes will suck. Here comes the SAHM that made friend with the neighbors and can barter for some advice. they have only reinforced what I had thought.

The only thought about the shed is that they have never had him home over a long period…this co is not family friendy, but they would like to think so. When we moved here, the hood teens thought I was a single mom–that ended about 5 yrs ago, we have been here 20

I can completely relate to what you’re going through

For years my (first) husband was the guy hired to manage car dealerships when they were struggling. We lived in Austin, Atlanta, Phoenix, Lexington (KY), and Gainesville (FL) until he finally got fed up and we bought our own car dealership in northern Ohio. He was always hired at a high salary and when things were turned around and running smoothly at the dealerships he managed, all of a sudden the owners no longer wanted to pay the salary he was brought in at, and generally, the owners then stepped in and took over his G.M. position and he could either stay around as a sales manager rather than a GM (knowing the sales manager would then be fired) at a reduced pay or we could move on. We always moved on. He knew he’d still have the same hours, and same responsibilities, but with a reduced income. It’s tough, and it’s scary. I do wish your husband the best of luck with his new endeavor, but I must say your children are brutal expecting their dad to work in the shed during these hot, Florida days!

Well, it has been a few weeks since we got some not so good news..

DH was offered early retirement, AKA- you are at the top of the food chain and we need to cut expenses. We sort of knew it would eventually happen but were hoping that it would be a few years down the line.

Because we sort of knew it would happen, I had been frantically trying to pay everything off…all we have left is the mortgage. They have given us a decent package, so I have been speaking to an accountant and a financial planner. Nothing set in stone and I still need to have another meeting with the FP and have DH with me—this is a neighbor and I trust him, my kid is their nanny.

DH is going to start his own business, so we are trying to set that up. I had to give him some tough love the other night because he had hit a wall. So he is starting to work on that again–meeting with attorney tomorrow because he will need one for start up and contracts that he will get.

I think I’m over the panic stage, but we are going into the unknown. Emergency funds are in place and with the settlement and planning, we should be ok.

So, I guess I need to get moving and declutter so I can figure out where to put an office…the kids suggested the shed, but there’s no electric there LOL