Answers
I heard the governement has added Credit Card Debt Relief to the Stimulus Package. But everytime I try and look it up, my search engine is cluttered with ads from organizations who want to "manage" and file for me for a fee. Where can I find information just for ME, the consumer, not from a third party? Someone please help me. Thanks in advance!
The new laws that take effect next year are limited. The bank can't do 2-cycle billing, can't raise your interest rate as quickly (which is why they are all raising the rates *now*), can't do universal default, etal.
If you are hoping for Debt relief in the form of cold hard cash, dream on. Nothing is going to magically erase your balance due.
Everything yo uwill find on the web is HYPE. Every debt settlement company will offer, for a fee, to ruin your credit by asking each creditor to accept less than is owed. This is not a stimulus. This is a ripoff.
My hero, Dave Ramsey, tells of abusive practices and the violation of Federal law incorporated by debt collectors - particularly credit card debt ...
A website that analyze how people get into credit card or other types of debt. How sometimes people are unable to get out of that ordeal. what can they do to get out credit card debt. What are the financial programs that assist people in getting out of debt. How credit companies work to help or hinder the customer in their debt problems, things like that. Thanks
Message board.
http://creditboards.com/forums/index.php
Tools to use:
http://www.bankrate.com/brm/calculators/ debt-management.asp
Reasons for it happening:
http://www.bankrate.com/brm/news/debt/de bt_manage_2004/top-10-causes.asp
Real story on CNN
http://www.cnn.com/2008/LIVING/wayoflife /05/19/homeless.mom/index.html
I have a credit card account that has not been used since about 2003. I was living in Missouri at the time, but have since moved to Arizona. According to state laws, the statute of limitations has expired in either state. Can this still be put on my credit report? How can I get it removed?
According to the credit report, this account is still open. I thought the balance had been paid in full, there was only a 300 limit, but it is showing on the report as of last month at nearly 2400
The Statute of Limitation on a debt is the time limit in which the creditor can take legal action against you in order to collect the debt. This does not have anything to do with the time it can be reported on your credit report, which is 7 years from the date of delinquency. So the item will not be removed until sometime in 2010.
They announced in the news that companies are willing to forgive from 10 to 40% of the debt, and allow up to five years to pay it off with no interest. This is due to the economy. This isn't a "company" that is offering some sort of program.
This is only a proposed idea by a consumer advocacy group and some major banks and is not yet available.
The new pilot program — which the banks hope will become permanent — could involve as many as 50,000 people struggling with credit card debt. On an individual basis, the amount of debt to be forgiven would rise according to the severity of the borrower's financial situation, up to a maximum of 40 percent.
But this program does have it's downfall.
There would be a tax benefit. Borrowers would be able to defer payment of income taxes they owe on the forgiven part of the debt until after the remainder was paid off. The lenders could wait until then to book their loss on the forgiven debt.
Also, it would affect your credit score in that this would become a charge off on ones credit report and will lower ones score.
Hope this answers your question
On my debt card has no name on it but its my card. So my account is a youth account and my bank company knows im under 18. But if i make an account on ebay/paypal and it says you have to be over the age of 18 will they find out that my debt card doesn't match?
Thanks in advance.
I believe you have to enter your birthdate.
If you do get away with it, and they find out later, they can freeze your PayPal account and the money that is in it.
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Stock Market Systems | Credit Card Debt Guide
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