Credit Card Debt Chart

I looked all over the web and 50% of the charts say 3 years, 50% say 6 years. Anyone know for sure? Maybe it just went up and sites haven't caught up??

Credit card debt is an open account therefore the 3 year statute applies. Your written contracts like mortgage, promissory, etc are written contracts and those fall under the 6 year contract.

COLORADO

INTEREST RATE

Legal: 8%

Judgment: 8% (or higher if specified in contract or note)

STATUTE OF LIMITATIONS (IN YEARS)

Open Acct.: 3

Written Contract: 6 (signed promissory note)

Written Contract Goods Services: 3

Domestic Judgment

District Court-20 (renewable every 20)

County Court-6 (renewable every 6)

Foreign Judgment: 6 in CO.

BAD CHECK LAWS (CIVIL PENALTY)

Treble Damages & Reasonable Fees

GENERAL GARNISHMENT EXEMPTIONS

See federal law.

COLLECTION AGENCY BOND & LICENSE

Bond: $12,000 - 20,000

License: Yes

Fee: Determined by collection agency board

Exemption for out-of-state collectors: Out of state collectors are exempt if [1] collecting only by interstate means (phone, fax, mail); [2] have no Colorado client; and [3] are regulated and licensed in the state in which they reside.

2006-10-20 09:45:16 by

www.letsforgetdebt.com - An excellent informative site and service to help anyone with credit card debt. A step by step video talking about the ...

According to every chart me and my husband make too much money.I need a government program we can qualify, don't need welfare. There must be something for those working and going to school to better themselves

Hi Jace, don't listen to what "annie Dennis" commented. I reported this user to Yahoo because this is an illegal comment and was repeatedly posted several times on multiple different boards.

Whatever you do, DO NOT contact whomever the person she referenced in her comment.

I don't know anything about government program daycare, but I just wanted to warn you about this user.

take care

2008-08-24 10:30:40 by jace02

I havent been late on any payments in approx. 5 years. My problem is my husband has terrible credit so everthing is in my name. I want to buy a house but my debt to income ratio is off the chart and it really takes a toll on my credit score. I cant use his income because he has claimed a loss for the past 2 years (he's a subcontractor)and he also has to make monthly payments to the IRS. I would love to buy a house but I cant even get a debt consolodation loan - I have approx. $15,000 in revolving credit card debt - all of which is very high interest and most of my cards are almost to there limit....Any ideas???? Does anyone know of any programs or banks that could help me? Thanks in advance....

Payment history is only one factor in figuring your credit score. It is good that you have not been late, but you need to work on other things also.

Your income is NOT on your credit report so Debt-To-Income has no factor in computing your credit score. DTI does effect the ability to actually get the loan, but that is another factor independent of your score and report.

Your other big problem seems to be that your credit cards are almost at their limit. You need to get those paid down. You should not have more than a 30% utilization. That is in your credit available compared to your credit used you should not be using more than 30%. This means that if you have say $20,000 in a total credit line over all cards, you should not be using more than $6,000 in total.

Taking care of these things will help your credit and enable you to get a loan at a much better rate than you could currently.

2007-06-12 08:40:15 by Melissa E

First look at this chart:

http://zfacts.com/p/318.html

The line is Debt/GDP (in percent). Currently, the debt is about $11. trillion, and the GDP is about $14.5 trillion. Thus, the US Debt is about 80% of the US GDP.

Imagine that a househould makes $145,000 and has $115,000 in debt (like say a mortgage and some credit cards). Is this person in horrible debt? No...it's not bad at all.

For example, a household that makes $75,000/year with a mortgage of $125,000 has a debt to income ratio of 160% (TWICE as much as the US debt/gdp ratio)...but since the monthly income is about $5000 (after taxes...which the US doesn't have to pay) and the monthly mortgage payment is only $1000, the household is doing quite well.


Let's move on to the credit market debt. Some people are afraid of that the total credit market debt (combined government, corporate and personal debt) is now an all-time record of over 350% of GDP (as of Q4 2008).

Imagine, a household with $100,000 in annual income and has a $350,000 mortgage.

This would equate to a debt to income ratio of 350%.

Question then: Is this household in trouble given that they have a $100,000 annual income and a $350,000 mortgage with no other debt?

I would suggest that most people would say that this household is fine. If so, then why is the US debt/gdp ratio such a big issue?


Further, there are many people who are calling out the statitics that the US government are using. They (and I) claim that the US gov is using fear-mongering techniques to justify the nationalization of the car and banking industries, of stealing from our 401Ks, etc.

Up until the 1970's (where Carter had the lowest debt/GDP ratio), the US government used to use an aggregate debt/GDP chart as its litmus test. This chart/report added together household debt and corporate debt, both financial and non-financial. You cannot find such an aggregate chart ANYWHERE on the internet...oh, plenty have been put on the internet, but all mysteriously have broken links to the chart. For example, http://www.businessinsider.com/2009/2/us -debt-levels-are-fine-debt-to-gdp-chart- is-wrong-and-meaningless.
The GDP increases as fast or faster than the debt.

A unsecured loan puts the risk on the lender (which ain't us). If the lenders called the White House and demanded money their money immediately, we would just laugh at them. We are the 800-pound gorillia who has borrowed bananas from baboons...what is the baboon gonna do? We have the biggest military, we have the productive workforce, we have the great infrastructure. We are the ones with the superior negotiation advantage.

But all this talk about credit card debt versus mortgage debt does bring up an interesting question: how much does the US pay back per month? What is the interest rate? Is it all T-bills?

Turd Ferguson: I am a big Dave Ramsey fan, but I seriously doubt the US monthly debt 'payment' is more than 25% of the US monthly GDP 'income' ($1.2 trillion).

If anyone can tell us how much the US 'pays' back on its debt per month, that would be great.

Your mortgage payment should really be no more than 25% of your take-home pay.

Remember that the debtor is slave to the lender. I don't like other countries being able to crush our economy if they get mad at us.

2009-06-18 16:21:46 by lazlo_dei

I just had a credit report done from one of the three agencies at annualcreditreport.com. So looking through the report it's pretty barren as I've only had three credit cards and nothing as far as loans. I have two cards currently open and everything is fine with them but I have questions about the third.

When I was in high school my father gave me a credit card for emergencies in my name but I assume it was an adjunct to his account. So I had the card through high school and into college never using it.

In my senior year of college my father passed away (Oct 2006) and so obviously his credit cards were closed, including the one he gave me. The card is listed on my credit report with a couple things that I have questions about.

It's listed in the closed account section, it doesn't show up in negative accounts. Everything for the card as far as balance, balloon payment, past due, charge off is listed as $0. The monthly payment chart for 6+ years is all green indicating paid as agreed.

My questions:

1. The card holder who I assume was my father is listed as terminated. Is this normal? I thought it should have read deceased, or joint account or something, as my other two cards are listed as individual account.

2. In the comments section the card is listed as 'account closed by credit grantor'. This makes it seem like they canceled the card from me which I wouldn't imagine looks good.

3. The card is listed as being closed in Dec 06, however my father passed away in Oct 06. His widow was the one handling his affairs, so she would have been the one to close the account. Is there any reason I should be suspicious of the fact that the card remained active for two months after my father passed? I don't see anything indicating any debt left on the card before it was closed, like I said all $0's.

So yeah are those three things normal? should I contest or look into them? if I needed to how would I go about that? etc...

Glad to hear you've got a good credit report. I'm not sure how much help I can be but you didn't have any answers so I thought I'd give you an opinion. Sorry to hear about your father.

I think 'terminated' is fine (I think it refers to the account rather than the owner).

I agree that 'account closed by credit grantor' doesn't sound good. Is there a way you can contact the agency to ask what this means without contesting it?

About how your card was closed a little later than you think: probably just doing you good because it shows a longer history especially since there isn't anything listed that is negative. It might have just been closed late and that's why you see it the way it is. No worries here.

In summary, look into changing closed by grantor to closed due to something that sounds better. I'm not sure if that will make a difference but that's the only thing I would look into from the three things you mentioned.

-Edit-
Okay, (I have no idea how Mia's answer is relevant) I had to go to the bank and since I was there, decided to bring up your situation with a rep (hope that's okay), and they said what I thought: The only thing you should be concerned about is 'account closed by credit grantor'. They weren't an underwriter or anything but said that the loan officer's scrutinize everything (even little details like that) in a credit report and since that sounds bad, it is worth fixing. They said trying to resolve it with the credit monitor first will probably work best and if all else fails, the Better Business Bureau can help. Hope it works out.

2008-09-25 06:06:42 by Sean