Pay My Balance All At Once?

A listener asks if they have to pay off the balance on a closed credit card all at once.

QUESTION: A listener asks if they have to pay off the balance on a closed credit card all at once.

ANSWER: No. They may raise your rate or mess with something, but no, the balance is not due all at once. They won’t completely close the account until the balance is paid. But you can close it to further charges, and you can certainly cut the card up.