Credit Card Debt
Credit 911: Secrets and Strategies to Saving Your Financial Life
Rodney Anderson (Hardcover) Wiley 2010-07-26
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Answers
I had my house go into foreclosure but i already had my credit card debt consolidated I would like to know if I should continue to pay my credit card debt off even though I will have 7 years bad credit already from the foreclosure
Сredit repair workеd fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service - buildcredit.ifastnet.com
How would you like to live a debt free life style and earn a six figure income? Pay off all of your high interest credit cards in 1/2 to 1/3 of ...
The house that I got under my name for my parents has officially foreclosed :( Tried to get it sold in time....but it didn't work out. I'm also the co-signer for my car and me and the primary person agreed that I would pay half the payment. Every month I would give her my half. Tried to apply for a new car & found out that we were 3 payments behind!!! Had to take control of the account so I've been making 2 car payments the past 3 months to get caught up. I'm now up-to-date but this plus my foreclosure and 2 small credit card debts (one was written off and the other is still in collections..less than $250/each) have caused my score to go WAY down. I also have a school loan but haven't been late on any of my payments. I don't have any other lines of credit than this. What in the world can I do to get this back up (I believe my score is about 521)?? I'm 23 yrs old and I want to do everything I can now so that I won't struggle in the future.
See if the collection agency that owns one of the small debts now will settle for a small amount. They may be willing to take $100.00, and you can put in writing in the agreement to pay that they will remove the listing from your credit record if you pay it.
Do the same with the other one that's in collections. For debts that small, you should just try to settle them and have them removed from your credit. Call the company, offer a small amount, and see if they can close the account as paid or remove it completely. Creditors can do this, as they own those accounts.
The other items you won't be able to do much about. Just keep making payments on time, and pay a little extra on each bill every month -- even if it's just $5 or $10. That will help you get ahead of the debts, and show the credit agencies that you pay more than the minimum every month.
It may take a year or so to recover from the collections/car loan. On time payments and settling will help. The foreclosure will remain very negative for at least a few years, but your other credit habits will help boost up your score regardless of that.
Due to my impending divorce, I have 25k in credit card bills and a foreclosure. The house was in both our names, and the credit cards are in my name. Should I file for bankruptcy now or wait until my divorce is complete? How much can my husband be held accountable as he he agreed to pay mortgage in a mediated settlement and did not ( hence the foreclosure), and he had been paying the cards and stopped. I know live in a rental with my child, am borrowing a car, and make 32k as a teacher in the state of Tennessee. What should I do?
First off, sorry to hear about your situation. An impending divorce and having to worry about your next big hurdle - the future and possibly bankuptcy!
The other responder was correct - check with the attorney handling your divorce. Most will advise you wait until after the divorce to file, otherwise it can put the divorce proceedings on hold. My Sister is in the same situation right now and was told to wait until after the divorce is final before filing (chapter 7 bankruptcy) in her case.
Best of luck to you... hang in there!
we would like to look at purchasing a foreclosure home, but we have lots of student loans and some credit card debt.
my husband and I plan to. I think most people nowadays have debt
Should the lenders cut back on credit limits to people in light of all the foreclosures and spending like no tomorrow ?
America needs to cut back and limit its spending (our government). America has borrowed so much from foreign countries it hard to say we own our own country. I sure hope they don't foreclose. The truth is that all credit companies are going to tighten up. So the answer is yes.
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Foreclosure Over Unpaid Credit Card Debt: A Debt Collector Can Use ...
Once a judgment lien is filed with the county court, an individual with unpaid credit card debts will be forced to pay the debt collector or collection agency that initiated the property lien as soon as the home is sold. An impatient collector, however, may be able to bring about a forced sale through foreclosure to procure a quicker payment.
A Judgment Lien Must Precede a Debt ForeclosureBefore a debt collector can hope to seize a home for unpaid debts, it must first be awarded a judgment in court. It must then file with the appropriate departments to secure a property lien (See Avoid a Default Judgment ).
Once a property lien has been placed on the debtor’s home, he may not receive any proceeds from the sale of the property without first paying the lien. Most states have a statute of limitations that sets a time limit on how long a property lien can be enforced. After the statute of limitations has expired, the judgment lien is no longer valid and the creditor must provide the debtor with a statement of release.
...News
Credit Card Defaults Continue Their Upward ClimbCredit Card Guide News - Dec 23, 2009
As an increasing number of consumers struggle with credit card debt, many are choosing to walk away from their debt altogether.Real Estate Channel - Dec 24, 2009
(Some credit-card companies today are charging over 30 percent on certain accounts.) After the 1979 to 1982 crisis, came the Savings & Loan debacle of 1989Canton Repository - Dec 20, 2009
In fact, so many recent lawsuits involve credit-card debt that the court is adding them to the mediation program it started for foreclosure lawsuits. and more »WPEC - Dec 22, 2009
Underwood advises hiring a professional to sort out foreclosure situations, credit card debt renegotiations, and other complex situations. and more »Arizona Republic - Dec 20, 2009
Settling a credit-card debt for less than the full balance would reduce a score by 45 to 65 points. • Going through a home foreclosure would cost 85 to 105 and more »Seattle Post Intelligencer (blog) - Dec 23, 2009
The continuing recession in the housing market has produced a plague of loan modification and foreclosure rescue scams. 3. Debt settlement.Benzinga - Dec 17, 2009
It can also be the case that some of your debt is taken illegally for you. In the last six years if you have been charged for credit cards or other bank and more »