Business Book Lovers - Credit Card Debt Knowledge Base

Credit Card Debt Knowledge Base

How do I fix credit card debt, I got good info on http://credit-debt-consolidation.blogspot.com/ , need more? I have $10,000 in credit card debt, and found some resourceful information on the blog with some good links, and I am wondering if anyone has some more.

what is the fastest way to get rid of credit card debt? Im a student and struggling with school finances as well as credit card debt, my paycheck mostly goes to school, what is the fastest way to pay off my credit debt.

When does the statute of limitation start on a credit card debt that is a two year no interest no payment plan? When does the statute of limitation start on a credit card debt that is a two year no interest no payment plan? Would the start date occur on the payment being 30 days late after the two year period - would this first 30 days past due be a breach of payment agreement? There was no attempt by the debtor to pay this debt after the 2 years promotional period. Credit debt originated in the State of California with a 4 years statute of limitation..

Who would like to pay off my credit card debt for me? Kidding.. but if anyone does have extra cash..I'd be grateful for the offer. Actually, I'd like to know advice on the best way to pay off credit card debt. I have about 10,000 in credit debt. Mostly from going through a divorce a few years ago.

Selling home, making a profit - better to pay off credit card debt or put money into new home? I have some credit debt left and I'm wondering if I should put the extra money I make from selling my home into the new house I'm purchasing or if I should go ahead and pay off the credit card debt. What is a smarter decision? Just wanted to say I'm not late on my credit card bills, just wondering if I should go ahead and pay them off in full right away

I'm being sued, I have the money to pay off a credit card debt, who should I make the payment to? A relative is going to loan me the money I need to pay off my credit debt. I'm suppose to file my appearance in court on Tues. Should I call and make arrangements to send the payment in to the credit card company or the collection agency? Do you think they will dismiss the lawsuit?

What does default on credit card debt mean? do i still get charged intrest & extras in default of payments? Sometimes i get letters from credit card debt angencies saying i owe the same balance that i had for 6 years, but sometimes shows more balance with intrestest but only one letter said this, the rest all had same balances which were 6 years ago when i was in debt of £2,000, but one letter said £6,000, i have not replied or ever gotten back to the debt credit card collectors, agencies etc, so whats going on, does default mean no intrest charges?

Is credit card debt considered an open account or a written contract? I live in the State of Georgia and am being sued over an old credit card that I defaulted on. It has been more than 4 years but less than 6 years since the date of default, so depending on whether credit card debt is considered an open account or a written contract in the State of Georgia, the Statute of Limitations may or may not apply. The Staute of Limitations is 4 years for open accounts and 6 years for written contracts. Does anyone know for certain which type applies for credit card debt in Georgia? The account is with Citibank MasterCard and was opened in the late 80's or early 90's. Thanks.

What is the best way to pay off credit card debt? I've heard of companies like cureadebt.com that will settle your credit card debts for 70% of the amount owed. I've also heard of government grants to pay unsecured debt(credit cards), but I don't know where to get the info on them. I'm considering a second mortgage to pay these off with a lower interest rate. Thoughts? We no longer use credit cards, so the balance only increases because of high interest rates.

Who is responsible for credit card debt if somebody dies? Or does the company eat it? Say somebody has X amount of credit card debt, then they die but still have that debt to the credit card company outstanding, what happens? Does the company have to write it off as bad debt or ? Perhaps the company can hit up that person's estate. But let me pose another question then - what if that person's estate does not have enough money to cover that credit card debt.

How do credit card debt councilors work with credit card issuers? I've seen on t.v. how credit card debt councilors work with banks when people owe a lot of money on their credit cards. They say they can not only reduce the amount owed but also get your monthly payments down to where they are manageable. How do they do this, are there any consequences such as a reduction of credit score, and is it effective (do they really do this or is it a scam)? Also, how much do they charge? Thanks.

Is the SOL on credit card debt determined by the state you currently live in or where the debt originated? Is the Statute of Limitations on credit card debt, determined by the state you currently live in or where the debt originated? I have a debt that I stopped paying on in Jan 2002. I acquired the debt while living in Texas and stopped paying it while living in Texas. My husband is military so we have lived in Missouri for the past 4 years. The SOL for TX is 4 years for open accounts (credit cards) and for MO it is 5 years. Either way, the SOL has run out on this debt, however I am still wondering which would apply to us since we are military? We claim TX as our home/residence. Thanks! This debt was sold to a debt collector years ago. I have known others that have written cease and desist letters so I am not so sure that SOL on card debt is a "myth".

How will settling credit card debt affect my credit score? I have several accounts on my credit that are all in good standing. I just have one credit card with $25,000 in debt. I was making payments on it but when my husband was laid off, I couldn't make payments. It's over 90 days due and I want to settle the debt but I am afraid of how it will affect my credit score and what I can do to make sure it is not too negative on my credit. Any advice?

Can credit card debt transfer to your children after your death? An older family member of mine has a large amount of credit card debt and their only major asset is the house that they currently live in. From what I've read it seems that creditors will liquidate all of their assets including the house in order to try and cover the debt upon their death. One of their children wants to purchase the house or assume the mortgage from them now and become the new owner. If the house is sold/transferred in this manner and no longer belongs to my older family member with the large debt, will creditors try to come after her child upon her death? The house is located in Florida.

Credit card debt and 1099c forms. Once you file taxes will your credit card debt with company be gone? I recieved a 1099c form from a credit card company for a settled credit card debt. The amount is for $10,000. I only make $31,000 per year. Will I end up owing on taxes due to being in a different tax bracket?Will the debt finally be gone?

How should I handle my credit card debt since I am foreclosing on my house? I am going to let my house in California foreclose. I have about $28,000.00 in credit card debt. Should I file for bankruptcy? Should I just not pay my credit cards? Or should I continue to pay my credit cards? Is there a certain dollar amount of income you are allowed to make to be able to file for bankruptcy?

Add credit card debt amount to new home purchase? I have about 25K in credit card debt. I am planning to buy a 540K house. Currently I have great credit, is it possible to add my credit card debt into the home loan in order to make it a single monthly payment. What is the loan program called? I am shooting for 5 yr. ARM. Me and my wife plan to live there for about 3-4 yrs. To add I mean to pay off my credit cards with the home loan.

How do I go about consolidating my credit card debt? I have a good credit score, last time I checked about 6 months ago it was about 720-730. Recently I have acquired a big credit card debt, about $9,000 on one credit card (with a limit of $10,000) and about $3,000 on another one (with a limit of $5,000) for many different personal reasons. After the whole spending money ordeal was over, I was left with all this debt on my credit cards. Since then, I have cut back on all unnecessary spending, besides the obvious things like food, gas, etc. I have never been late on payments and have never been over the credit limit. I Also try to pay an extra hundred bucks on top of the minimum payment due when I can. Are there any good ideas on how to consolidate these two credit card debts and help me out with all this? Thanks!

Can you include credit card debt in a bankruptcy? I have a friend in FL that is filing bankruptcy. I thought they passes a law a few years ago that stated you could not include credit card debt in bk. Is that true? They are telling me that you can include credit card debt.

How should I pay off my credit card debt when I just received a lump sum of money? I recently received a good amount of money from a work related injury and now have the opportunity to pay off the $20,000 of credit card debt I now have in collections. Should I just pay the complete amount I owe or should I settle with the credit card company to pay only 25% of what I owe. This debt has been in collections for two years. What option would be better in the long run? I figure I'm already so late on payments how much worst can my credit get if I settle.

What is the best way to payoff my credit card debt? I currently have around 10,000.00 dollars of credit card debt on three different cards. I am paying 29.99% on two of them, and 22.99% on the other one. I have tried to get a card with a better rate to transfer my balances to, but the issuers won't give me one because I am using so much of my available credit now. I have not had any late payments on my credit accounts, tho. Should I try to get a home equity loan to pay off the cards, or is that a bad idea, too? I know that I got myself in this situation, and I am wholly responsible. I do not feel right about declaring bankruptcy, but really want to get out of debt somehow. If I am unable to get a lower rate, then I don't see a way to rid myself of the debt. Any advice?

How much debt can I incur on my card without getting my lines of credit lowered? I have no credit card debt and an an excellent credit report. I am going to do a small remodel on my rental property and plan to use my Home Depot card with no interest no payment for 12 months. I plan to use a few other cards as well. I thought that 30% is the best to load on to each card to maintain my credit score. Am I correct?

How do I consolidate my credit card debt? My wonderful , but obviously money happy boyfriend has accumulated around $13k in credit card debt. He has 4-5 credit cards, one with a balance of $7k. He does not own a house. We tried the bank where he has his truck loan through, but he cannot get a loan because he has no collateral. What can he do now? We want to start moving in the direction of marriage and a family, but not with this looming over us. What is the best way to resolve this issue?

How do you consolidate credit card debt if you do not own a home? I owe about $12,000 in credit card debt and I wanted to make that my year's goal to pay it off, but a lot of the websites I find require that you own a home, or charge a huge interest for someone to "negotiate" with your creditors to bring down interest. Does anyone know of a good resource where I can just consolidate the debt and make one reasonable payment?

What is the best solution for credit card debt? What is the best solution for credit card debt? I am way in over my head, I have 6 credit cards and I'm over $40,000 in debt. I have tried to take out a loan at the bank to consolidate but i got turned down. I need HELP!

How do I go about eliminating my credit card debt? I am 23 with a nine-month-old son, and I owe (on top of my student loans from college) approximately $30,000 in credit card debt. I am looking to do a debt management/consolidation program, but was wondering if I should just contact those credit card companies that say to call them if I have "financial difficulties" instead? Also, which debt consolidation programs would you refer, if any? Thank you!

Who is responsible for the credit card debt of a person who dies? I am having doubt about the credit card debt of a person. My uncle passed away but he is having credit card debt. Who is responsible for that debt?

How much credit card debt do you have as a couple with one child? Just wondering what the average is. My husband tells me everyone has debt, and I can understand my house and my car, but what is your credit card debt?

How do get my credit card debt to zero? I had left USA around 4 years back as I could not get a job(software). When I left I had credit card debt. Now i want to be back and normalize my debt. I currently dont have a job. I checked my credit report on the internet but confused with the terms. Its certain that collection agency must be trying to locate me. I cant figure out my current debt, thats when I left and now(including interest?). I need help in how to take the first step and how its going to affect my job-hunt.

Does the credit card debt restart if a different agencies send letters about your debt even after 6 years? I mean i heard after 6 years or so your credit card debt is written off, but if during those 6 years you get letters from different solictors, agencies etc does this include the 6 years or is it restarted from the beggining when to a another agency?

Credit card debt consolidation companies, Anyone know of a good one? I've become over whelmed with my credit card debt and I'm getting those phone calls because I'm missing payments and such. Anyway I'm looking for a credit card debt consolidation company that doesn't screw people over, anyone know of any from experience or just know a good one?

Bankruptcy or choosing to default on credit card debt. What are the ramifications of each? I have A LOT of credit card debt from opening a business and having to sell it in one year because of family responsibilities. Saw a bankruptcy attorney, but the options don't seem to work for me as there's no way I could ever pay off these debts. I know it's very immoral, but what will actually happen if I just stop paying on them? I know I'll be inendated with phone calls and lose my good credit standing, but can they attach my bank account or any other asset?

What happens to the credit card debt when your parents pass away? What happens to credit card debt when one's parents pass away in the event that they do not have an estate, BUT the children do have an estate (real estate, etc)? Morbid, but just wondering.

What is the best way to settle credit card debt? I am in search of a company or method that will allow me to settle or consolidate my credit card debt. I have researched some companys but I am not sure what is real or a scam. Fidelity debt solutions is one of them. Has anyone had any luck with any of the debt consolidation programs or debt settling programs? Let me know. I need help.

How can i combine my credit card debt and my cost of tuition into one loan? In august i will be going away to school. the cost of tuition is around 17,000 a year. at the same time i have about 4,000 dollars in credit card debt. is there any way i can payoff my credit card debt by adding it to my student loans? and how do i go about getting a student loan?

Is there a way for credit card companies to forgive a portion of credit card debt? Getting rid of debt is a priority in my family. We''ve been regular with our credit card payments. A word to you younger folks: never, ever use a credit card for anything. I was curious if there was a way for credit card companies to forgive a portion of debt if you've been regular with your payments.

Why do so many people keep going into credit card debt? Question? What makes people keep using them when they see the destruction it is causing? Many people, mostly younger folks and women, have so many credit cards they end up in severe debt and ruin their credit for many years to come. Credit card applications are mailed out by the tons and people keep activating them knowing the interest rate is or will be up to 20% or higher. Everyone needs at least one credit card and no more than two. You also need one revolving (department store) credit card to establish a good credit history. The limit on the credit card(s) should be no more than 10% of your annual salary and the revolving card half that. Always make a minimum of a double payment on all your credit cards and pay on the due date. Never ever be even one day late. The interest rate and late fees will destroy you. If you are experiencing problems the first thing you need to do is carefully cut the cards up and throw them away. If you can not afford to pay the total monthly bill attempt to get a consolidation loan to get out of debt. The monthly payment will be less than the total monthly payment of all your cards with a much lower rate. Some banks and credit unions will be willing to help you out if they know why you are taking out the loan. Financial debt can create so much strain it can even destroy your peace of mind and your marriage. Don’t fall into that trap.

Should my fiancee and I pay off our credit card debt before we purchase a new home? My fiancee and I have approximately $30,000 in credit card debt (mostly his). He thinks that we should pay off all that debt and put a smaller down payment down on a home, rather than using all our money for the down payment. I argued that we should not worry TOO much about the credit card debt and take care of it another way, such as re-financing our mortgage in several years and using that cash to pay off the credit card debt (since the interest rate would be much lower). Any suggestions?

what are the consequences of not paying off credit card debt? My family and I had an unplaned birth, and our now overwhelmed with medical expenses and the new expenses from the child. Since we did not have health insurance we became overwhelmed with bills. Over the last couple of years we have fallen progressively farther behind on our credit card bills. We have not made a payment on some of the cards in over nine month. Utlimately, besides lowering our credit score, is the consequences of not paying the cards. Can the creditors take our vehicles? Take money from our bank accounts? Garrnish our wages? We are very worried about our debt and would like to pay the debt off, yet feel very intimidated by the whole process. Thanks for any help

What are the effects of credit card debt? Im doing a report on Credit Card Debt and there isnt much about the direct effects of being in credit card debt. I know bankruptcy is an effect but what else can happen?

What should I do about credit card debt? Do I have to pay it off before I can save for a house? I'm 26 years old, I make about 50k a year and I want to start thinking about buying a house. What should I do with this nagging credit card debt? Aside from car payments, the only other debt I have is $5,000 on one of my credit cards. Can I think about saving for a house, or should I pay it off before I even consider it? Thanks.

What happens to credit card debt when someone dies? I'm wondering what happens to credit card debt when someone dies? The person had a home that they maintained a lifetime estate on and then they died. Do the companies just write off the debt? Do they go after relatives? Do they go after authorized users?

How to get out of credit card debt if you have to rely on them to make ends meet every month? Say you earn 1000 and have to pay 1050 for your credit card debt. You have to rely on your credit cards ( again ) for those extra 50 and for your monthly expenses. What should a person with this problem do? Would it be ok to take a loan? Finance gurus like David Bach say to pay the highest rate card first, but what should you do if you can't? Thanks ¡¡¡¡

How do I settle my own credit card debt? I attempted to settle my own credit card debt, but all credit cards refuse to settle. They would rather wait until I'm 90 days late, charge it off or sell it to an agency and have me settle with them. Any clues on how I can buy my own debt at 12 cents on the dollar like the credit collection agencies do?

How can I get debt consolidation with hospital bills and non credit card debt? I have a bunch of hospital bills that really cost me in credit scores. I really want to try to consolidate it but I can't find anyone who does debt consolidation without credit card debt. Any suggestions?

Do you think unsecured credit card debt is bad for the economy? I know a lot of people are filing bankruptcy on credit card debt. I did this myself and got 35,000 dollars worth of credit card debt discharged. That means my credit card companies lost a lot of money on me. I know my credit is ruined but oh well. Unsecured debt should be more difficult to get. It is still easy to file bankruptcy if one meets the means test. Your opinion, please.

How do I consolidate my unsecured credit card debt? I have about $23,000 in credit/medical credit card bills. I tried personal loans with 2 different banks, but I didnt qualify because it was it was considered "too much unsecured debt".

what are the ways of clearing credit card debt without paying? I have about $50000 in credit card debt and as of now have a excellent credit history. I just got laid off and there is no way i can pay my minimum payments. I know filing for bankruptcy is one option but is there other options. Paying is not an option.

Can you eliminate credit card debt by declaring bankruptcy? Can an individual eliminate credit card debt by declaring bankruptcy? I didn't think you could wipe it out, just get the bill collectors off your back. But, someone told me that it depends on which chapter of bankruptcy you use. The right one WILL eliminate credit card debt. I know someone who has $80,000 in credit card debt and they are trying to do that to get rid of that debt! Is it really possible? Are there any restrictions in doing this. Can you ever get a credit card again if you do it? If you file bankruptcy to eliminate all debt, do you have to give up ALL of your possessions? Will you have anything left? This is for a friend of mine (really). They don't own a home. They have 2 cars and some furniture and A 401k plan. Between the two of them they make about $40,000 a year. I don't see how debt consolidation will help them How could they EVER pay off $80,000!?! They had a house but they used up all the equity in it over the years and sold it recently and broke even on the deal, ending up with NOTHING! What a mess! I just didn't think they could wipe out their credit card debt! And, it really isn't fair to the rest of us that pay our bills!

How can I pay off my credit card debt? My husband I got married a year ago and we had to pay for our wedding ourselves along with our honey moon. We ended up in a great deal of credit card debt from this as well as trying to furnish a home. We have a personal loan for 19,000 that we are paying off along with about 10,000 in credit card debt. We can pay the bills but we can only pay the minimum payments which are leaving us broke every month. I want to do something about this before we end up not being able to pay these bills. Any suggestions?

What should I do about my credit card debt? I recently had to defer my salary at my job for an extended period and cannot afford to pay my credit card debt. What should I do? A friend advised me to not make the next payments and negotiate with credit card companies on the debt. Is this wise? Would you advise I do something else? Thank you.

What is the best way to get rid of credit card debt? Hi All. I'm a recent college grad who is fairly new to the workforce and is ready to get rid of her credit card debt!! I was fortunate enought not to borrow much in student loans (a total of about $9,000), however by grad time I owed about 9 thousand in credit card debt. Now I am ready to get rid of this burden. I know that this sounds horrible, but my situation was very different than that of the average student. I am a mother and was raising my daughter the whole time during college. Instead of working full time I focused on my studies and only worked part time. Needless to say this made everything harder but in the end it was worth it. Also, I'm not looking for an overnight solution. It took me six years to accumulate this debt so I know it wont disappera overnight. I'm just looking for the best way to go about it. Please help!

Will negotiating credit card debt hurt my credit score? I've been unemployed for a couple months, and the credit card payments are starting to hurt. If I negotiate with the credit card company to reduced my debt or monthly payment, will this somehow hurt my credit score. I plan on refinancing my mortgage when I get another job, and I don't want my score to be hurt.

What is the longest you should hold credit card debt for? I currently have around $3,200 in credit card debt, which is a large yet manageable amount. I want to pay this debt off slowly. What is a good timeframe to completely pay off my balance? Is a year or two a good goal or should I be more aggressive? I know it depends on what I want to do, but I am not sure if having large amounts over time is a bad thing over than the obvious interest accruing.

What is the best way to consolidate credit card debt with low income? I have racked up about $10,000 in credit card debt stemming from college and medical expenses. What is my best option as I am still a student and working with a very limited budget? Are there hidden catches to debt consolidation companies; if so what? What is the best way to negotiate with creditors to lower the debt?

I have 15000 in credit card debt and 18000 as an auto loan? I am thinking of paying off all the credit cards in next month. Right now my score is around 625. I am planning to buy a house, will I get one based on my socre?(and after paying off all the credit card debt) how does my credit history will respond to this?

What is the best method for consumer credit card debt relief? We started a program with "Consumer Credit Counselors" This progarm has us pay the Consumer Credit Counselors, then they pay the credit cards every month. All they do is lower some of the interest rates. They don't negotiate amount owed. The payments are too high for us, so we looked into other alternatives. We found one company that will do it differently for less. They have you pay into an escrow account, and they pay off each credit card individually. They say they negotiate lower balances and interest rates. The payment would be lower and the payoff time cut in half. Does anyone know of any reason we shouldn't do this? Are there any other better ways? WHAT IS THE BEST WAY TO GET CONSUMER DEBT RELIEF with no loans?

What are the collection procedures for unsecured credit card debt? What steps are taken by creditors and collection agencies, to collect on a bad $35,000 credit card account? Debtor is unemployed and has a total of $85,000 in credit card debt. Debtor has no real estate and only $5,000 in bank account?

What happens to my credit card debt if the company fails? I have a credit card open with Citi and I owe them money. What will happen to my account and debt if Citi fails and closes their doors?

Is having credit card debt okay as long as you can pay it off? I have about $5 grand of credit card debt now which can be brought down to 0, in less than a year, depending on how much I really want to pay it off. However, is carrying large amounts of debt (even if you CAN pay it off) bad? I don't see how. Isn't that the entire BUSINESS of credit cards anyways?