credit card debt
A credit card is a system of payment named after the small plastic card issued to users of the system. In the case of credit cards, the issuer lends money to the consumer (or the user) to be paid later to the merchant. It is different from a charge card, which requires the balance to be paid in full each month. In contrast, credit cards allow the consumers to 'revolve' their balance, at the cost of having interest charged. Most credit cards are issued by local banks or credit unions, and are the same shape and size, as specified by the ISO 7810 standard.
Stephanie B
asked:
"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."
Question posted courtesy of:
crazyjester9 replied:
"Try Creditinfocenter.com and Creditboards.com"
Melanie B replied:
"sure dude, here I found tons more. It'll take a month to read it all.I've found some good information here too...Hope that helps."
Ana B
asked:
"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?"
Question posted courtesy of:
Robert B replied:
"Credit card interest is higher than mortgage interest. you do the math."
Swanky replied:
"sometimes it's best to pay off your 'bad' debt before moving on to another house. also consider what the debt will look like to a lender when they are considering you for a new house."
Bo Majors replied:
"you pay capital gains tax if you do not put it back into a new homeif your credit cards are a problem i would still pay them even with the capital gains penalty as debt is an americans worst enemy"
dangler replied:
"pay off the credit card debts"
stan c replied:
"If you still have money after you put down the 20% on your new home, and you're current on the credit cards, you should wait a couple of months before you decide what to do next. On a new 30 years mortgage, you'll pay about 70% on the first 15 years. You should also request am amortization that will give you a break down between interest/principle."
Zachary C replied:
"Have you lived in it for at least 2 of the last 5 years? If so, there's no capital gains tax from the IRS, and the money is yours to spend as you wish.I've bookmarked this site...Hope that helps."
1yugpj
asked:
"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."
Question posted courtesy of:
c_schreel replied:
"hey, if u find that person please send them my way.......lol"
gertyp44 replied:
"I'm going to check your answers because I need the same help!! GOOD LUCK!"
lilmissykato replied:
"If anyone is that willing, heck im a poor college student with 1k credit debt to pay off :P"
Mysti
asked:
"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?"
Question posted courtesy of:
Gothic Martha replied:
"Call them and offer a settlement amount. Like 50 to 75 percent of what you owe. If you can pay the settlement wholly, I am sure they will settle at this point.To the credit card comapny...they get all of it instead of a little that way. But you might have to go throught the credit agency anyways."
LindaLou replied:
"Call the collection agency and make arrangements to send the payment to them. The credit card company will no longer deal with it after it's been sent to a a collection agency."
Credit Expert replied:
"Always make arrangements w/the Plaintiff. Look at the complaint you were served with. It's probably the bank. The collection agency does not own the debt so they can't sue anybody anyway.They just make threats to sue and do other illegal things like disclose your info to 3rd parties, leave messages with your neighbors calling your job after you told them to stop.If they have done anything like this file a counter claim on Tuesday against the collection agency and the bank citing unfair collection practices. This is prohibited by th FDCPA, and they can be fined and lose their license to collect.You can look up Fair Debt Collection Practices Act in a search engine. Once you get the bank on the defensive with a counter claim they are much more likely to settle w/you at a big discount if not back off entirely.Most banks expect you to roll over and play dead as they assume most people do not know their rights. Also they do not want negative publicity.If you decide to pay get them to fax you a receipt, show the judge and he will dismiss the case."
echo replied:
"You have to make the payment agreement with the one that is suing you. You should offer a percentage of the debt. You should stipulate in the agreement - if they agree to take a percentage, after payment, they will agree that the debt is paid and no longer collectable. Be sure to have the agreement in writing!!! Be sure that when you come to an agreement and when you pay that both the agreement and the payment is filed in the case file !!!"
dreamscorporation replied:
"if someone wants to get out of debt today it is pretty easy with a debt consolidation plan however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,a good place to start in my humble opinion is:"
Tramadol
asked:
"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?"
Question posted courtesy of:
RM replied:
"Default means you have failed to pay as you're supposed to. If it hasn't already, the debt collection company will usually go through the courts to recover the money owed by you.If it's over six years (I think it's six, could be seven) since you acknowledged the debt, then they may be too late to go to court over it, but may continue to contact you in an effort to get you to pay. If it has already gone through the courts, then you will have to pay it, and until you do, interest will be increasing the total owed all the time."
fiddlesticks9 replied:
"You are in default, not having made the payments asked of you. You will be charged interest. Failure to make payments ruins your credit rating and such default does not release you from the debt OR the interest agreements on the card."
hodgey replied:
"It may be worth going back to the origin of your debt. I did get into debt quite along time ago and received letters from debt collecting agencies saying I owed ' x amount ' and additions that the debt collectors had added on. I ignored these letters and went back to the original source. They agreed to accept payment for only the amount I owed and therefore saved me debt collectors additions. Default, as I understand it is a term that will be added to your credit record and will show when future potential lenders credit check you. It shows you have not adhered to the agreed repayment terms. It is not as bad as CCG and will be removed at some point in the future when you have repaid the debt."
minefelloff replied:
"How many times are you going to ask this one this afternoon? When they catch up with you they'll take the debt, the interest, and all the charges that they make for finding you. You'll have nothing left - including anything you own ! ! !"
How to eliminate debt and create wealth in the shortest possible time. We do not give legal advice however we supply the legal way to cancel out your credit card balances on all major credit cards and Personal Unsecured Loans.
Who doesn't have a credit card these days? Or perhaps a more appropriate question is 'Who doesn't have credit card debt these days'? Think back to when you filled out the first application for a credit card.
Like you really need a reason to not have to pay someone else for buying something you don’t need to have in the first place. But for those of you who do, here are 6 great reasons (I can think of) why having a credit card balance stinks
I want to help people try to better manage their finances and debt.
If you are in over your head in unsecured debt such as credit cards and even medical bills, you may want to try using a debt consolidation program.
