Aspire Credit Card Financial crisis hits Columbus Georgia

I have had an Aspire credit card for 7 years. I have always held a balance except for a few pay-offs. I have made my payments ontime with very few exceptions and I always pay more than my minimum. Other than the high interest rate, the credit card has not been that bad. My card expired this past August and I received a new card, but was never able to activate it. In November, I received the same letter that everyone else appears to have received, saying that my account was being terminated, but I would be responsible for the remaining balance due.

This is ridiculous. My wife and I have done a good job of controlling and improving our credit over the past 15 months and are in the process of closing our credit card accounts as they are paid off. I can understand owing the remaining balance on a card that I cancel, but when the company decides to close the account, at no fault to me, and because they can't manage their payments when I make mine, why should I have to continue to pay. If they wanted to continue to receive payment, then sell the account as other credit cards I have had have done.

If anyone finds any recourse to this, including class action lawsuits, please notify me. Fortunately I no longer need the credit, but the potential impact on my credit report and finances for a company that is apparently closing needs to be addressed.

Firedoc9157
Youngstown, Ohio
U.S.A.