Credit Card Debt
To Pay Or Not To Pay: Insider Secrets to Beating Credit Card Debt and Creditors
Stanley G. Hilton (Paperback) Adams Media 2003-12-01
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Answers
What is it that creditors know that they don't want the general public to find out about paying credit card debt?
there is no legal way to avoid credit card debt, and the debt consolidation companies are the biggest, most terrible scam out there. dont worry about it, it is an unsecured debt, things like mortgages, car payments and student loans are the important ones, along with utilities and food.
the credit card collection calls are what is annoying. dont listen to what the collector say about suing 95% of the time they are full of it, i've worked for a bank's credit card collection dept for years and i've only seen a hand full of loans with litigation. and even then the balances were 100K + which i'm assuming is not the case here...
If you carry a balance on one or more credit cards, you're not alone: according to the Federal Reserve, nearly half of American families do ...
My family and I had an unplaned birth, and our now overwhelmed with medical expenses and the new expenses from the child. Since we did not have health insurance we became overwhelmed with bills. Over the last couple of years we have fallen progressively farther behind on our credit card bills. We have not made a payment on some of the cards in over nine month. Utlimately, besides lowering our credit score, is the consequences of not paying the cards. Can the creditors take our vehicles? Take money from our bank accounts? Garrnish our wages? We are very worried about our debt and would like to pay the debt off, yet feel very intimidated by the whole process. Thanks for any help
Since it's been several months since you have paid your credit cards I am going to assume that they have been written off and sold to collection companies.
What they can do is take you to court and get a judgment against you and your husband, at that point they can garnish wages (if your State allows it), attach bank accounts and file liens on any other property you may own.
If your cars are paid for they can be seized and sold to pay your debt. If you still owe money on them they can file liens to make sure that if you sell them they will be paid out of the proceeds of the sale.
All this on top or ruining your credit for 7-years.
Price:
$9.95
$9.95
I have most of my savings in a brokerage account (so most of it is in stocks). If I stop paying credit card debt can they come after that?
Not immediately but they could sue you in court and get a court order to seize your assets. They could also get a court order to freeze your account so you couldn't withdraw and hide money.
Price:
$9.95
$9.95
My husband and I are getting enough back with our income tax refund to pay off around $1350 worth of credit card debt. Paying it off would be great, but would only save us $70.00 a month.
We have good credit, but a pretty bad debt to income ratio. We are only renting a house and would like to buy. Will this make all that much of a difference? We could use the money for new furniture (we're just using hand-me-downs since we just got married in September) and for a nice vacation.
What do you think?
Pay off the credit card debt. You wouldn't get a mortgage with an impaired credit in this market. And your credit only deteriorates if you don't pay it off.
Granted i own my credit card company some money but a lawyer called me today. he said he was retained by my credit card company and that i could be prosecuted for not paying. is this true under any circumstance? he mentioned i could be charged will a felony?
In the U.S. of A, we don't have 'debtors prison', so that is definitely "out", but there may be extenuating circumstances, however, that maybe could be prosecuted in the courts, like if you ran up many thousands of dollars in a short time and they can show you did so with no intention to pay, you could be charged with stealing by deceit or something like that. If you have been sending minimum payments, they can do nothing. If you have stopped paying anything, you may need to see a lawyer of your own. Good luck.
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When You Leave The Country Do You Still Have To Pay A Credit Card ...
There are so many people in today’s society who have built up quite a bit of debt and that number continues to grow over the years. It is not practical that you can live financially secure without acquiring some amount of debt, whether it is through car loans, home mortgages, or multiple credit card purchases. The most frequent and quickest form of debt is through the use of credit cards for purchases of ordinary things.
Many investors shop with credit cards almost constantly, most definitely during peak buying times such as those around the holidays and in the summer. The shopping industry has become enormous and extremely popular over the past several decades and will continue to thrive off of the desires of people for new and updated products. Credit card companies have quickly learned how to make the most out of peoples shopping cravings by handing out credit cards to all types of shoppers.
...News
"Start Over, Finish Rich", David Bach's 10 Steps For Getting Out Of DebtHuffington Post (blog) - Dec 23, 2009
Credit.com News"Start Over, Finish Rich", David Bach's 10 Steps For Getting Out Of DebtIf you are one of the estimated 50 million Americans who are drowning in credit card debt, know that while it may not be easy you can get out of debt. Use this credit card to slash your debts!A Decade in Plastic: Hits, Misses and Also-RansCREDIT CRUNCH CRUSADER - -all 150 news articles »
FOXNews - Dec 24, 2009
ReutersDescribing the two votes as a shopping spree followed by a decision not to pay the credit card bill, critics suggested that budget estimates drive a hole After the Senate votes in favor of reform legislation, both sides rush to make 60-39: Senate Dems Pass HealthcareDid McConnell really 'surrender' in health care debate?all 10,827 news articles »
Daily Press - Dec 24, 2009
They have three months of expenses in an emergency fund and no credit card debt. Both drive cars that they bought used, paying cash. and more »Subprime Blogger (blog) - Dec 23, 2009
BigNews.biz (press release)Please understand that it is going to take a great amount of time to erase credit card debt so this is not a quick fix. What consolidating your credit card Give your debt a makeover for the new yearCredit Card Debt Services - Problems Associated With Credit Card DebtGetting Out of Debt: Make That New Year's Resolution Work - -all 29 news articles »
The City Wire - Dec 24, 2009
Most of the mistakes you may have made will be corrected by the Credit Card debt consolidation loan, but the lenders will not be judging you or your past.Bankrate.com - Dec 24, 2009
What else can you do besides not pay late or max out your credit cards? Pay down credit card balances. Unlike payment history, where a single delinquency and more »
Philadelphia Inquirer - Dec 24, 2009
Consumers leveraged their income to get credit cards and car loans, then leveraged home equity to pay off growing piles of debt. As we now know, and more »