Credit Card Debt Income

I am filing my income taxes next year but I never had a credit card till this year and it was used primarily for school. I just wanted to know will that debt on the credit card affect when I file my income taxes?

Credit cards and debt have nothing to do with income taxes.

2009-12-23 19:18:32 by LadyRoseofSin

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Forget about monthy bill or payments-- is there a general way lenders look at total credit card debt to YEARLY income and decide if you have to much.

For example, I make about 55 k a year- and have about 14k in CC debt.. is that too much?

You can't "forget about monthly payments" that's the way lenders look at it. About 24% of debt to income (higher or lower based on your credit). If your total debt is 14K and you make 55K this equals 25%. But your monthly income is 4583, if your monthly payments are $500.00 that's only 10%, if your payment is $1000.00 that would be 21%. Both $500 and $1000 are real possibilities on 14K, depending on interest rate and how many accounts you have (min. payment on multiply accounts). When applying for a mortgage the lender looks at the minimum monthly payment if the account was at it's limit, because the day after you get the mortgage you could run all your accounts to to their limits (in this case you can have your credit limit lowered on each account if need be to qualify, then ask to have them raised a few months after). Auto loan is much easier, and if you have a large down-payment your ratio effects you even less.

2007-02-02 09:29:20 by booby

The judgment keeps acquiring interest. There is no way my income will change and it is exempt. Is there anyway to get the judgments dismissed?

Well first off ignore all those idiot spam offers from people.

If your income is from social security, SSDI, SSI or VA disability, then it is exempt from garnishment so therefore the judgment can not be paid.

You would have to notify the court and provide proof of your income and have the judgment "vacated" due to your status.

If your income is other then that mentioned then you are still obligated. Even in cases where you are deemed judgment proof for the time being (income too low for garnishment and you have no assets) they can still wait until your income increases and yes that interest can be accrued.

2009-05-07 11:45:58 by TJPrunty

Price: $29.95

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 say do it your self -- down size your life style to the bare bones and only buy what you need now what you want -- than take the credit cards and start paying they down with each getting the required payment and the highest interest receiving any money that is left over from your new life style!!!

2007-10-02 16:11:30 by A Phi Football Fan

How much is your credit card debt and your montly income? (Just a survey for my amusement)

I don't think people are going to want to amuse you, most people get a headache thinking about their debt.

2007-12-22 08:24:21 by Swagato