I got a bill in the mail back in 1999 for a credit card that I never had. Collectors still call how

I have sent numerous letters of dispute and asked for proof of the debt. Proof has never been provided. About once a year a new collection agency gets it and annoys me for a while. I have filed a complaint with the credit reporting agencies, and I get the account off my credit report. Then it reappears about 6 months later?? I pay my bills on time and I refuse to pay this bill that isn%26#039;t mine. Isn%26#039;t there a statute of limitations?? The people that have called are just sleazy and they treat me like a criminal. I have asked them not to call me. I have never received any mail regarding this?? I have been threatened with legal action for a $1,000 balance?? How do I stop this??

I got a bill in the mail back in 1999 for a credit card that I never had. Collectors still call how do I stop

First, I don%26#039;t know what state your in but most credit card debt falls under open accounts and their SOL (statue of limitations) is 3-5 years. You need to check the sol in your state.

Second, considering the age of the account more than likely this is a junk debt buyer. You need to send them another DV (debt validation letter)along with a limited C%26amp;D (cease %26amp; desist (letter telling them to only contact you in writing)) by CMRRR (certified mail return receipt requested) so you have proof you have asked for validation.

Third, if the collector is reinserting the debt on your credit report without notifying you within 5 days they are violating FCRA.

I would would not advise calling anyone. It would be best to stay off the phone and make all contact via snail mail using CMRRR.

It is unlikely with the age of this account that they will sue. However, if they do, you may be able to use SOL as a defense. Under the FDCPA they cannot state actions, such as a lawsuit, will be taken against you, when such action legally may not be taken, or when they do not intend to take such action. Since odds are the debt is so old it they may not be able to sue therefore in violation. Please check out the links below for further information and good luck

I got a bill in the mail back in 1999 for a credit card that I never had. Collectors still call how do I stop

Sticky situation. I%26#039;d contact the company that issued the card itself, explain the situation, which I%26#039;m sure you%26#039;ve done. Then if that fails, contact an attorney who is versed in idenity theft, and have this taken off. Make damn sure when it comes to the court costs.. and what not to make the issuing company pay any and all legal fees.

I got a bill in the mail back in 1999 for a credit card that I never had. Collectors still call how do I stop

1) Don%26#039;t pay it 2) Change your phone number 3) Refuse all mail from them (ie Return to Sender, not at this address)

Is it on your credit report? I would check that too, someone might be trying to get one over on you.

I got a bill in the mail back in 1999 for a credit card that I never had. Collectors still call how do I stop

If you know the name of the credit card company try calling them and talking to them if you haven%26#039;t doen that already. If that doesn%26#039;t seem to help I would contact a lawyer and see what they can help you do. Sounds like nothing but harrassment to me. It could also be a scam. Next time they call you try and get a phone number ehwere you can reach them or the address where they want you to send the payment and take that to the lawyer. Police probably wont%26#039; help with that at all.. I think legal action is your best bet.. Good luck

I got a bill in the mail back in 1999 for a credit card that I never had. Collectors still call how do I stop

STOP NOW SERIOUSLY!!! Last year when they changed the bankruptcy laws, one of the things that changed was ability to collect past due debt...as a result creditors sold their past due lists for pennies on the dollar after deeming them uncollectable. The hucksters who bought these lists are out for blood, (think if you paid $10.00 for your $1000.00 past due bill how aggressively you%26#039;d go after it) THE CATCH IS once you acknowledge the problem, or the debt you open the doors to start the statute of limitations again.DO NOT ASK FOR BILLS%26lt; DO NOT ACKNOWLEDGE anything...as someone else pointed out, if it%26#039;s that bad change your phone. Once you acknowledge it, they have another seven years to harass you. I see it%26#039;s not yours and that%26#039;s frightning, these people will harass, threated, cajole but they have NO power with your credit rating. They%26#039;re people like you or me who had a spare couple of grand and bought these lists to make an easy buck, Well OK not like you and me, but you get the picture!!

I haven't used my credit card for almost a year.. yet the balance doesn't look much differ

I was getting into more debt than I wanted so I consolidated my cards onto one with 0 APR and have been slowly paying at it for the past year. Yet the balance doesn%26#039;t look any different!!! I just got a new, better paying job, and am making 3X the minimum payment. I feel like it will never be paid off!!

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

I know what you mean I%26#039;ve struggled with the same thing. Usually the 0 percent is introductory then they jack it up after 6 months or a year. Maybe you could call and ask for a lower rate.

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

Welcome to the world of credit cards. Total rip off!!

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

yeah im sorry you feel into that trap consolt a lawyer get him/her to read the fine print

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

The way that credit card companies make money is off the interest.

If you%26#039;re not paying your card in full, the remaining charges are simply going to carry over and accumulate interest, just digging a deeper hole.

If you can, try to hold off on spending for a while, and make a payment in full to get you back on track.

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

that is thanks to high interest rates...

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

interest accrual unfortunately

pay more than the minimum amount due

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

credit cards r a ripe off

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

Welcome to the world of debt. Credit Cards are HORRID. They come directly from satan%26#039;s womb.

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

Avoid using credit cards ever if at all possible!

Only buy what you can afford at the time to keep yourself out of debt.

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

Make sure you are paying the finance charge along with the minimum payment , it will take a while but eventually it will go down to zero , hopefully in your lifetime :)).

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

You don%26#039;t say how much debt you but yeah that%26#039;s how it is. maybe the transferred balances were introductory APR%26#039;s. Get serious for a year, live like a monk and get off credit cards. Check out www.daveramsey.com for help.

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

You might better check your bill - make sure the 0% rate hasn%26#039;t expired, or has been canceled due to any number of reasons the credit card companies can think up.

Typically the minimum payment is only 2%, so by paying triple that, you are paying 6% each month. At this rate, and with no interest, it would take 17 months to pay it in full.

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

If they payments have been on time you should see some difference. Something that helps me feel better about my credit card debit is going back and looking at the past statements and seeing how much it was and that it is going down. Credit card debit does majorly suck and feels like a gorilla on you back more than any other kind of debt. Just be patience and deligent and keep paying as much as you can. One day you will get it paid off and that is a wonderful feeling.

.

Too bad we can all have Mr. Hilton as our dad

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

It is very difficult to pay of a credit card just stick to it and work out your interest every month Banks sometimes overcharge you

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

Probbaly cause of your interest. I would call the company you have it with and complain and ask questions.

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

Your %26quot;0 APR%26quot; may be an %26quot;Introductory rate.%26quot;

Read the %26quot;fine%26quot; print.%26quot; %26lt;}:-{(

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

If it%26#039;s a 0% rate and you are paying it then it has to be going down.

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

Are you sure the 0% is still in effect? According to the original offer, it may seem like it should be, but they can jack up your interest rate for almost any reason. Check your statements, see if they are adding any fees, etc.

I haven%26#039;t used my credit card for almost a year.. yet the balance doesn%26#039;t look much different!!!?

well how do u want it to look diffrent if u havent used it duh dont ask dum questions

Non payment on credit cards consequences????

I just found out that my dad payed for mine and my brothers tuition fee by charging them to his credit card and incurred circa $250,000 worth of debt through various credit cards that he%26#039;s not going to be able to pay considering that his business is only source of income (personal business) is in jeopardy.

Credit card companies constantly send out notices via mail, since they cant reach us because everyone in our household changed their cell phone numbers.

Are there any LEGAL consequences that he can face such as jail time or repossessing his vehicles or house???

Thanks.

Non payment on credit cards consequences????

They will put a lien on the house if it goes that far. his best bet is to call a credit counseling place or file for bankruptcy if his business is already going under.

And yes, they can sue him.

Non payment on credit cards consequences????

Yup. You%26#039;re talking about 1/4 of a million $$$. He%26#039;s in deep doo doo unless he makes contact to work out payment.

Non payment on credit cards consequences????

Think positive maybe u and your brother will get a great job and pay off your own loan.

Non payment on credit cards consequences????

thats a substantial amount of money, and it probably would have been better for him to take out a loan.

i dont think that he can go to jail provided he is making some payments. he will have bad credit, and if he doesnt pay it off in his lifetime, the debt may be passed to you and your brother.

Non payment on credit cards consequences????

he needs to speak with a BANKRUPTCY attorney to straighten this out. Let the attorney negotiate a %26quot;settlement%26quot; with the creditors that he can live with or he would be forced to consider the bankruptcy alternative

Non payment on credit cards consequences????

every thing you mentioned is a possibility.. they can also garnish his wages, take any thing of value such as furniture house car stocks bonds, etc.. if hes that far into debt the only thing i could think of is declaring bankruptcy...

Non payment on credit cards consequences????

Yes. Failure to pay a credit card company can result such actions. But it will go through court first. As for how much jail time...it depends on the entire situation. A couple of years ago they have changed the bankruptcy laws. So it will be hard for your father to file a chapter 11.

Non payment on credit cards consequences????

Not at all my dear, not at all. Nothing to worry about. Credit card companies can%26#039;t touch you guys. They are p ussies, and also, if they can%26#039;t get you by phone, eventually they stop trying to find you.

Non payment on credit cards consequences????

non payment will definatley incur late fees and other fees.

but not jail time.

If he%26#039;s in trouble with his bills he should call and let them know.

they can freeze payments based on hardships.

Set up smaller more affordable payment schedule. hope this help gl~

Hey I just found this site great info should help as well:

http://articles.moneycentral.msn.com/Sav...

Non payment on credit cards consequences????

All of you need to pay your own bills. Get a job!

Non payment on credit cards consequences????

File Bankruptcy. Lots of people can%26#039;t pay their bills and do the same thing.

Non payment on credit cards consequences????

Here%26#039;s how it works.

The bank asks for it%26#039;s money nicely.

Then not-so-nicely.

Then it sends it to a creditor.

The creditor threatens, abuses, screams, sends dirty letters, threatens some more.

The creditor passes it on to many more creditiors.

They all gang up, until you%26#039;re afraid to answer the phone.

They take you to court.

You either pay up, or declare bankruptcy (saying you have NOTHING, no assets etc).

Bankruptcy costs money most people who need to apply for it don%26#039;t even have.

They repossess whatever you have on lease.

Then they take what you own.

They continue to harass you.

Court again, if you are not bankrupt by now, the lawyers will make you so.

Your credit rating is 0: meaning you can%26#039;t get a credit card, a loan, or even rent a U-haul.

Yeah, it%26#039;s pretty ugly. And he%26#039;s not very wise to get himself into that. My guess is that he figured it would be a better risk to put his own credit/money/life on the line than to have you put yours on the line by taking out a student loan to pay for tuition. It%26#039;s a %26#039;parent sacrifice%26#039; kind of thing.

The best thing you can do, is excel in school, win as many bursaries and scholarships as you can, and get to work right away so that you can afford to help dig him out of this hole.

Non payment on credit cards consequences????

I think it depend%26#039;s on what they view as his intent, if he was making payments all along and fell on hard times, they probably will work something out, but he%26#039;ll still have to pay....on the other hand, If he was running up credit cards with no intentions on paying, and the creditors can prove this in court.....I%26#039;d say it dont look promising for dad, sorry.....

creditor%26#039;s will follow you beyond the grave.

Non payment on credit cards consequences????

It was very nice of your farther to use his credit to facilitate your education. You do not go to jail for owning credit card companies. However, they can sue and get a judgement against your farther--Meaning he can be exposed to wage garnishment and so forth.

Bankruptcy or Just Dont Pay ???

I have about $5000 in credit card debt that is about 8 months old. I also have 1 other account with peach direct for around $2000.

My fiancee recently left me and all the bills (mortage, insurance, utilites, ect.ect.) are now mine alone and if i just pay the important stuff I will barely be able to make it on a tight budget.

The house is in both of our names but she is refusing to help pay and i have no intention of losing this house.

Paying these credit card debts are out of the question right now. I bring home about $2000 a month and the bills are almost $1700 (not including my credit debt). I have no car payment or any other obligation other than cost of living.

So my question is... would it be better for me to file bankruptcy(chapter 13)? or to just not pay on the credit cards and eventually they will be charged off?

A second job is not an option as I already work 60 hours a week. Any advice is appreciated.

Bankruptcy or Just Dont Pay ???

I%26#039;d try to get back with her, and resolve your differences. What ever had caused your relationship to go downhill, you now know you can%26#039;t handle your debt load without her help. If you can%26#039;t get back together, I%26#039;d talk to a debt specialist who would give you your options on whether bankruptcy is feasible or not. If you do nothing, your creditors will put a lien on your house.

Bankruptcy or Just Dont Pay ???

Call each creditor and explain what is going on... and if you can have them change your finance fee or percentage on the loan.

A consolidation loan would work well too.

Try to avoid banruptcy at all costs... Creditors WILL work with you... you just have to ask and work your way up their chain of command... it will take you an afternoon of talking to people... but it is well worth it.

ALWAYS take the name and contact phone number of the person you talk to at the company too...

Bankruptcy or Just Dont Pay ???

Bankruptcy should be the last resort. It leaves a blemish that just won%26#039;t go away (for 10 years).

Instead, go to these websites, and call these numbers.

They are non-profit groups set up to help people facing financial crisis.

Trust me, no one benefits from you filing bankruptcy. And the creditors will just write off your debt as a loss, and sell it to someone else (which makes it hard to pay off when you don%26#039;t know who owns your debt).

American Consumer Credit Counseling

http://www.consumercredit.com/

or call: 800-769-3571

Also, avoid a consolidation loan at this point. Make sure you see what all of your options are first.

Bankruptcy or Just Dont Pay ???

Speak with a bankruptcy attorney. I believe you qualify. If you don%26#039;t do anything, they could possibly later garnish your wages. Also, you already have bad credit and you might as well just go bankrupt.

Good luck.

Bankruptcy or Just Dont Pay ???

Well I would hesitate about filing for bankruptcy for only $7,000.... If it were higher balance then I may say go for it.. You can go to google.com and type in legalhelpers and find some answers to your questions. You could just stop paying those cc and eventually 6-12 months they will charge off and hurt your credit but if you already have a house than maybe thats not a worry for you. If they charge off you can settle them down the road when they go to collection agencies for probably 60% of the balance. As long as they don%26#039;t have any assets on you. Don%26#039;t tell them where you work or never give them your checking acct info. If you pay them, then money orders only. If they don%26#039;t have your acct they can%26#039;t levy your bank acct. Of course those problems would not happen until down the road after they charge off. By then your situation may be better and you could settle. If you want your life to go on as normal you could consider running an ad and getting a room-mate to help you thru this. May not be fun but at least you would have rent money to keep paying these bills if you want to.You can go to Suze Ormans website under Resources and try their CCCS program to consolidate or try and make up with her.. Good luck

Bankruptcy or Just Dont Pay ???

If you refuse to make payments, they can take you to court and file a judgment against you and your fiancee it she is also on the note. A charge off stays on file for 7 years and if they get a judgment, that could 10 years, Ask your ex if she wants to sell the house so you could both walk away debt free. Tell her it effects her credit as well as your.

Bankruptcy or Just Dont Pay ???

Pay off the cards. You%26#039;re bringing home $300 more than youre spending (not counting the debt).

You will have the cards paid off in 2-3 years, at $300/mo.

Don%26#039;t wait for a charge-off. That%26#039;ll be 7 years of hell.

Don%26#039;t file bankruptcy for $7,000, That%26#039;ll be 10 years of hell.

But you and your ex-fiancee are going to have to figure out what to do with the house. If you%26#039;re living in it, but she owns half of it, you won%26#039;t be able to sell it without her consent.

Am I being selfish with my Husband?

My husband and I are going through a financial mess right now. We owe about $5,000.00 in credit card bills. We have monthly expenses of course. We just bought a house and that閳ユ獨 why we are in this financial crisis. Our house is completely empty right now, we only have, a bed to sleep on, a table to eat and a refrigerator. We don閳ユ獩 even have a stove to cook, we cook everyday outside (we make a barbecue). Anyhow, he just went to Mexico for 1 week and he told me he wants to go back in December, because by then we will have all our credit card debts resolved and he閳ユ獨 planning on taking his father and his step mom an electric stove and a water heater for their use. He gets paid weekly and he wants to start taking out about $100 out of each paycheck in order to save and be able to buy those things by December.

Now, I am totally not a selfish person, it just makes me a little irritated that he閳ユ獨 planning on taking his family these things when we are so much in debt right now and we have bills, mortgage and the credit cards to pay. When we don閳ユ獩 even have a stove to cook on. Our house is completely empty. We just purchased our refrigerator about 2 weeks ago and you wouldn閳ユ獩 imagine the fight we had about it. He was so made because we were using the money to buy the frig. instead of giving some money towards our credit debts. But, we were wasting a lot of $$ on buying fast food every day. We couldn閳ユ獩 buy food because it would go bad in 1 day bec. no frig. Now he realizes it was a good investment to buy one.

Am I selfish for getting made at him for thinking of other閳ユ獨 first before us. If we weren閳ユ獩 in this situation I would not get made for him wanting to buy these things for his family. It just makes me made and makes me feel like he cares more about them than about how he has me living.

Am I being selfish with my Husband?

no you are not wrong, your family comes first before his parents.

Am I being selfish with my Husband?

It sounds like he is the selfish one...his family at the expense of yours. My ex wife was like that...

Are you a US Native? I surmise that he is not. Did he marry you to get citizenship? That%26#039;s not love.

He needs some counseling. If he loves Mexico so much, why doesnt he move there permanently?

Am I being selfish with my Husband?

Put your foot down. You are his top priority now. He should not be buying things for his parents until after you two are free of all debts, except the mortgage.

Compromise if he at least waits until you have a cooker, a couple of arm chairs and TV. If he does not, walkout and claim half the property.

Am I being selfish with my Husband?

I%26#039;m not a religious person, BUT:

%26quot;%26#039;FOR THIS REASON A MAN SHALL LEAVE HIS FATHER AND MOTHER AND BE JOINED TO HIS WIFE, AND THE TWO SHALL BECOME ONE FLESH%26quot; - Matthew 19:5

This I agree with. His first priority needs to be getting his life with you straighted out.

Am I being selfish with my Husband?

You are right to feel that way. You two really need to have a talk about priorities (I know it may actually turn into a fight rather than talk.) You are his first priority and he made it that way when he decided to marry you. I%26#039;m sorry his parents are in a tight spot, but they can wait.

Do you have a job? If you don%26#039;t, you can consider getting something part time to help ease the financial situation. That will also give you more leverage when discussing where the finances are allotted.

Am I being selfish with my Husband?

I%26#039;m not going to pass judgment on who is being selfish in this situation since I haven%26#039;t heard his side of the story.

I do think $400 per month is a little extreme while your house does not have a stove or microwave. Take the $400 from the first month and purchase yourself a stove. Cheap ones run around $250 and you can get a nice self-cleaning stove for about $450. By doing that and cooking your own food, you will more than make up for the price of stove in money you save from eating at home. This will only help you get out of debt sooner, purchase some home furnishings sooner, and purchase a stove for his parents sooner.

Let me say this though. Once married, a man%26#039;s first responsibility is to his wife (errr, man in some liberal states). He has to provide the basic necessities for his family first and then worry about his extended family later. The extended family should be able to provide for themselves anyway. Call me old fashioned, but that%26#039;s the world through my eyes.

A healthy financial plan includes planning for basic necessities, a written budget, savings, retirement planning, and college planning for kids. If you don%26#039;t have these, you are setting yourself up for financial hardships. With these in place, life becomes much simpler and you will stop having money fights. Wouldn%26#039;t it be nice to be able to say to your husband, %26quot;Only $100 per paycheck? How about we do $200 since it is your family?%26quot; I never though it would be possible for me to say that, but once I got my finances straightened out, it is now possible.

Start with a written budget and follow these steps from http://www.daveramsey.com:

1. $1000 savings for emergencies

2. Pay off all debt except house

3. 3 - 6 months expenses in the bank

4. 15% of your income in retirement

5. College savings (if you have kids)

6. Pay off house

7. Build wealth

Dave Ramsey calls those the 7 baby steps. All of it is up to you. Unless you have a whole lot more debt than the $5000, you could be to step #3 within a year. At that point, I would tell your husband that while saving 3 - 6 months expenses, you could start saving for his parents at that point.

The whole idea is that you have to provide for yourself right now so that you can provide for others later. Imagine how much you could spend on others if your home was paid for and you had no debt! That is the whole idea of building wealth. Not for you to purchase a nice Mercedes or a mansion, but to bless others with your good fortune. If everyone did that and thought of others first, we could change the world.

Am I being selfish with my Husband?

Sincerly i don%26#039;t think you are being selfish when you%26#039;re looking to grow up financially, i think you must talk to him and let him see that now both of you are making a new Family (i don%26#039;t know if you have already kids or not, but i consider you 2 family, because on my opinion that the objetive of marriage or making a partner living)

Now as my husband always says, i can help others when i don%26#039;t have any worry to live, %26quot;how i gonna give you a diamond if even i don%26#039;t have food on my table%26quot;

Now I don%26#039;t Know if the family of your husband live on extremely poorness, cause on that case i think the stove that he%26#039;s thinking to give is the same needfull you have, but if he is thinking give%26#039;em a heater too and they are poor how they gonna pay the hydro?

I think is a good idea give something to our family but not before we have the basics.

Any way i don%26#039;t think you are selfish and i think you must speak.

Am I being selfish with my Husband?

one thing to be soft hearted but another to be soft headed -- he needs a quick lesson in the difference between %26quot;want and need -- or you will be in chapter 13 in a new york second!!!

What do you think of promotional credit cards?

I have little debt on a credit card which is almost paid off (under $500). I am at the age of controlling my finances better, I am considering of switching my spending style to purchase items on my credit card then pay off my balance monthly.

The goal is to use the promotional earned credit to help purchase a car.

Is this realistic? I think I may credit at best $200 to $500 towards the car because $2500 of usage equals $25 towards the purchase of the car. I don%26#039;t think I will end up running a balance on it at this point of my life.

It%26#039;s the VW card for Volkswagen if that matters.

What do you think of promotional credit cards?

As long as you pay the credit card off every month, it would be worth it. (Of course, they are banking on you *not* paying it off every month).

Shop around for the best %26quot;reward%26quot; and make sure to read the fine print (does it have to be used in a certain time period, is there a annual fee on the card, etc.).

If you are paying your card off every month, it is almost stupid to *not* have a card with rewards-- stick them for all their worth--while staying within your means:)

What do you think of promotional credit cards?

promotioan lcard usally suffer from high interest rates

and what makes them really a bad call is that the amount of money you need to charge to apply towards ( in your case ) a car would be better off saved in an account, accruing interest and then making a downpayment plus a loan ( which will be cheaper than the CC ) or cash. If you accept such a card you in effect are saying I am poor with my finances since I cannot save, and indeed you are, so you are not really ready to step up t othe big world of an car and all it%26#039;

s expenses, as it%26#039;s going to be a lot more than 2500 dollars

How would you use this money?

I have $16,000. I am going to use this money on debt but I don%26#039;t know which avenue I%26#039;m going to take.

Option 1- Pay 16,000 on a 28,000 car loan w/ a montly payment of $513.00

or

Option 2-Pay off some credit card debt. If I do this, it%26#039;ll leave me w/ a montly payment of 1100. I%26#039;m in the hole big time over here.

Either way, I am having trouble paying both..and I%26#039;m looking for the best way I can to try to have more money in my pocket each month. I have a good feeling in a month or so I won%26#039;t be able to pay the credit debt at all.

Which is worse, a default on credit cards on your credit report or a repossession of a vehicle?

How would you use this money?

You need to look at interest rates, not balances on your debt.

Reducing the debt with the highest interest rates will save you the most money in the long run.

For instance if your car note is 8%, and your credit cards vary from 5-25%, I would pay off the highest interest credit card first, then down the line.

As you appear to be heavily in debt, you really have to eliminate the debts that cost you the most.

How would you use this money?

You don%26#039;t have to use it ALL!! Just use what you need to get caught up on your car note, and your credit cards and just keep the rest of the money for emergency purposes only!

How would you use this money?

you should chose option 1

How would you use this money?

I would...

sell or trade in the car for a much, much cheaper one.

If you make money from the car, than you can use that with the 16,000 you have to put toward your credit card. Also, if you are looking to increase how much you have in your pocket, look for ways to cut back your expenses. Do you have cable or internet? Cancel them. Do you smoke? Quit. Do you have animals? Get rid of them. Shop at cheaper stores. Don%26#039;t buy the most expensive clothes. If you have a lot of expensive clothes, sell them. Same if you have a lot of fancy electronics. Chances are, if you are willing to do it and make sacrifices, you can get out of debt. Oh yeah, cut your credit cards up. That way, if you do pay them off, you want run them back up again.

How would you use this money?

Paying down the credit card would be the best bet as i%26#039;m guessing the interest is a lot higher than your car loan.

I would say default on credit card as the car is still worth something and you will end up having to pay the difference later on.

How would you use this money?

starting with which is worse... they are all bad.. but it is worse to have multiple defaults on credit cards versus 1 repossession. It is just mathematics.

For the money, my advice is, pay off the highest interest rate cards first, then switch any remaining balances to the lowest rate card you have if you can.. this will lower overall interest payments out on credit cards.

You should not close out the cards yet, but cut them up.. do not use them. If you close them, it will drop your credit score since your utilization of available credit will be so high. Call the credit card companies and ask them if they will lower your interest. They will often say no, but just insist, and go to supervisors if you have to (this is provided you have paid well).. if you have paid poorly, then talk to them and tell them you are in danger of defaulting on your payments, and could they suspend interest for 12 months so that you can get things back under control.

You need to find an additional source of income, deliver pizzas with that 513 dollar a month car, or do whatever you have to... take ALL of the extra money, and instead of buying a plasma TV, pay down your credit cards as rapidly as possible.. once the cards are paid off, DO NOT USE THEM.

Then apply everything you can to your car note to pay it off, and do not trade in on a new car because you are bored with the old one.... drive it till it falls apart, in the meantime, keep banking your paychecks in savings

How would you use this money?

I%26#039;d vote for 2 and suggest you consider selling that car and getting something that costs substantially less if you really need a vehicle. Definitely try to decrease your spending and while the $16K has to be a good start, see if you can earn more. At holiday time, lots of places are looking for extra help, so could be a great opportunity to give yourself the gift of getting out of debt.

How would you use this money?

_________

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How would you use this money?

Here are my thoughts. You should pay down the credit card. The reasons are simple. First, it is probably at a much higher interest rate than your car loan so it is costing you more. But secondly, if things get really tight down the road, you can always sell the car and payoff your auto loan. You cannot do the same with credit card debt. It is unsecured and has no asset attached to it.

Personally, I think you should sell the car anyway. With that much credit card debt and other payments, I find it very hard to justify a 28,000 car loan costing you over 500 per month. Vehicles are the easiest way to exhaust your finances.

How would you use this money?

You should sell the car. Even if you have to take a loss use some of that money to pay the difference on what you get for the car and what you owe. That will save you $500 a month right there. Then pay some towards credit credit but keep about $4000 - $6000 of that money for a rainy day. You should cut everything out of your budget possible and really watch the money you spend. If you want to get the debt paid off you must focus and really want to. You should get a book by Dave Ramsey called %26quot; The complete money makeover%26quot;. Happy Holidays

How would you use this money?

Sorry to hear that u r having hard time to pay off ur debt. Like other suggestion i would also say sell ur car and buy an economy size car until u can stand up ur feet again. Also pay the higher interest c.c first.

U have already heard all these suggestion but i would contribute only to the extent that if u have a feeling that u wont be able to pay ur card in coming month. Dont use all $16,000 to pay off any loan. Talk to the creditors and tell them u wont be able to pay for few months. In case they do not agreed that use ur 16,000 toward cards. In this way u wont miss any payment even in ur struggling time.

Note: if u miss/late any payment; these credit cards companies increase ur APR and it can go up to 32% too.

Trust me they r all ******.

Make rational decision.

Good Luck

How would you use this money?

lets go to paris together honey :P

should I get my passport?

How can I get my credit back on track so I can buy a house?

Ok here is my story...I filed chapter 7 bankrupsey last year. My husband left me with a 3mo old special needs baby and between paying for his doctor bills and putting myself through college I was in $15,000 debt and I filed ch 7. Now I am out of college and want to get my credit back on track so I can buy a house in the next few years. I though if I got a credit card from a dept store to show that I can pay them back and establish credit that would work, but I get turned down every time I apply. My bank will not even let me have a debt card. I have a stable job now and I%26#039;m looking to settel down and get my life back on track. What steps do I need to take to get my credit back on track? Can anyone give me any advice?

How can I get my credit back on track so I can buy a house?

I%26#039;m sorry to hear about your troubles and in time it%26#039;ll get better. But, in the meantime check out http://www.myfreecredittips.com to get some tips on how to rebuild your credit. It gives good points, that I%26#039;ve been applying. Also check out www.lifeafterbankruptcy.com

Best of luck to you :)

How can I get my credit back on track so I can buy a house?

There%26#039;s nothing credit repair agencies can repair for consumers%26#039; credit reports that they can%26#039;t repair themselves FREE!.....

Check this site for credit repair information:

http://www.consumercreditrepair.com/

How can I get my credit back on track so I can buy a house?

its gonna take a little time. make sure you pay all you bills on time. try and get a secured credit card, maybe 500.00 of your own money to get the card, use it wisely and pay on time evey month. After a while of good credit history, you can stat to try and get more regular cedit. Good luck.

How can I get my credit back on track so I can buy a house?

If your debt-to-income ratio isn%26#039;t totally out of wack, find a rent-to-own that you can afford. If you make the notes on time every month for 15-18 months you can refinance and own the house. Being a homeowner will boost your credit rating significantly and you can attain your main goal in the process (homeownership).

If structured properly by the seller, you can even get the tax benefits of homeownership as a tenant/buyer.

Looking to get debt free how?

I live by myself and I work full time 40 hrs. I get paid $15.45 an hour, after taxes,401k,ect and all take home is about $950 roughly.

Thing is, I have about 5 grand in debt. made some bad choices ect long story... i want to fix it.

The good news is, I%26#039;m down to one credit card with a balance. The other 2 had small ones, I paid em and cut them all up. I have 2 cards, one has a zero balance(national city bank Visa) and the other has about $2100.00 on it(its a key bank mastercard). I plan on keeping one for emergences but once the one with the balance is paid, its getting cut up. The interest is about 14% on it.

i owe about 3600.00 on my car, the loan has an interest rate about 13%. i bought it in June, I put like 5 grand down so I don%26#039;t owe a payment till June of 09 but just want to get it done by then. The sooner the better. Early pay off penalty is 150$.

Any ideas? A debt card seems to be bad for me to. maybe just use cash?

Looking to get debt free how?

Here%26#039;s my suggestion. Get a loan that will pay for all your debts and consolidate everything to one debt. Then focus on saving money fast to pay that one quick.

Looking to get debt free how?

if you think you can pay it off, then go for it! i owe a lot more, try xs ten of what you owe and i have to file. wish you the best sweety

Looking to get debt free how?

get a loan that can pay everything you owe and then make a savings account and every week you get paid deposit $25 or maybe $50 or $100 and when you got to do payments you have some money saved up:) and make sure you won%26#039;t use it for anything else:) well this really helps me:) and i put about $75 to $150 in 2 weeks:0 oh and plus my rent $750:(

Looking to get debt free how?

Get Dave Ramsey%26#039;s Books-FINANCIAL PEACE %26amp; TOTAL MONEY MAKEOVER. Was in much worse debt than you and paid off everything but part of my mortgage. It truly works.

Looking to get debt free how?

One thing you might do... If you have good credit, some credit cards offer 0% APR for the first year, or 5% for the life of the loan for balance transfers. The stipulation is that if you miss a payment, the rate goes up to 20%, which could cause real problems. But if you think you can pay reliably, it might help to re-finance some of your debt with one of these.

Looking to get debt free how?

My advice would be to go and talk with a bankruptcy lawyer or some sort of professional who helps people get out of debt. Many of these people do free consultations where you can get some great advice. It doesn%26#039;t sound to me like you are even close to needing to file bankruptcy, but again, the advice you can get is very valuable.

Biggest advice I can give you personally is to keep your credit card payments steady. At home, keep only what you absolutely need and only buy what you really need.

Looking to get debt free how?

listen to Susan on MSNBC that lesbian works miracles she%26#039;s smart, my mom loves that show

Looking to get debt free how?

Get a 0% credit card, transfer all your debt to that card. Prepare a Monthly budget and stick to it. Never miss a payment on anything. Pay down your car now because they are charging you interest even if you don%26#039;t have a payment due. Build an emergency fund of about $4,000 and never buy anything on credit again except for you house.

Looking to get debt free how?

Spend only what you can afford in cash, and second, check your Fico score because if the amount is high (700 and up) that could reduce your interest rate of 10%. Check Suzie Orman book, Good luck!

Looking to get debt free how?

well.. a good advice, Cut your credit cards but DONT CLOSE THE ACC. cuz it you want to build a good credit closing them wont help... second, if you have a decent credit line.. you can always request for a cash loan. many banks will do it for an low interest rate. I did that a few years ago.. i paid every off and i had just one line of credit.. with low interest.!!! TRY IT!!!

Looking to get debt free how?

Try taking a second job til you knock out the debt. Keep at least $1,000.00 in the bank for emergancies until you get the debt paid.

Daveramsey.com is a good place to go for advice on money and debt. Listen to his radio show from his website or watch him on Fox Business News Network.

Looking to get debt free how?

You can check my profile for an idea. It is possible you can get a lower interest rate, which would make it easier for you to pay off your debts to society quicker.

Looking to get debt free how?

If a person has accumulated a large amount of credit card debt due to multiple credit cards, the need for a proper counseling for credit card debt consolidation can%26#039;t be understated. Credit card debt consolidation counseling helps a person get vital insights into the facts that can help him get control over the credit card debt.

Credit card debt consolidation counselors are experts with a good knowledge of debt management, budgeting and behavioral patterns of credit card holders. These services are vital for those struggling to manage their credit card debts. Also called credit counseling or debt counseling the credit card debt consolidation counseling brings immediate relief to a credit card holder.

A person seeking credit counseling can get it from two types of organizations. The professional or commercial organizations, and the non-profit organizations. As depicted by its name or categorization, the commercial organizations charge money for their credit counseling sessions and consolidation help on the other hand the non-profit organizations offer free of charge services. Just because the non-profit organizations are free, it doesn%26#039;t undermine their quality of service. The persons associated with such organizations are thorough experts and have lived the trauma of being under credit card debt themselves and hence bring their vital experience to the credit card holder.

When a person approaches a credit counseling agency, the first thing it will do is to take stock of the situation and get various facts about the credit card debt. The credit counseling agency collects data about the income, expenditure and spending habits. It will guide the credit card holder about budgeting benefits and try to inculcate good financial habits. Read more from: http://www.credit-card-gallery.com/artic...

Looking to get debt free how?

Here is a guide that is pretty good about getting out of debt. I would post it here but it is really large. http://www.okentrepreneur.com/viewtopic....

Hope that helps.

Also, Dave Ramsey is really good. I listen to him on the radio alot but have never read his book yet. I bet it is as good as his radio show.

-Adrian

Who should we turn to? Who should we trust?

We need help...we%26#039;re in big trouble. We have a TON of credit card debt. We have a decent income, SOME equity in our home. and our credit scores aren%26#039;t THAT awful. We bought this house 2 years ago and thought we could afford it. Due to unforseen circumstances, turns out we couldn%26#039;t and we HAD TO rely on CC%26#039;s for anything extra we needed...groceries, kid%26#039;s clothes %26amp; school supplies, gas, etc. This has been going on for about 20 months. We were doing all right paying all of our bills on time, but it looks like this may be the last week we will be able to do so. It%26#039;s gotton to the point that after we pay all of our bills, there is no cash left for the living expenses, so in a vicious circle, we use credit cards to live. Currently, the breakdown of our monthly income is as follows: Mortgage 46%, Auto Note 12%, Utilities %26amp; insurance premiums 18% and Credit Debt 34%. Notice, this ALONE adds up to 110% of our income...there%26#039;s nothing left to live on.

Who should we turn to? Who should we trust?

You can%26#039;t afford the house. Sell it. Yes, the market is bad but you are sinking lower and lower into the pit.

Check this site for a NFCC member in your area: http://www.nfcc.org/ These are legit non-profit Consumer Credit Counseling Services. They can look at all your finances and advice you how to proceed. They even have debt management programs available.

Who should we turn to? Who should we trust?

If you have equity in your home..... roll the credit card debt into it. Rates are extremely low right now.

If you unsure about a company... research them on the Internet. Check if their articles of incorporation are active, contact previous clients, check website, licenses, etc.

Who should we turn to? Who should we trust?

I see 2 large problems, first your mortgage payment is way to high for your income, nobody should ever exceed 30% of their income for a mortgage payment and I am amazed that your lender let you do that.

Second is your credit cards, I would suggest calling Consumer Credit Counseling Services at 1-800-388-2227 they are the oldest and largest non profit credit counseling service in the nation and have offices in all major cities.

Who should we turn to? Who should we trust?

I would try to open up a home equity line of credit and use that money to pay off all of your high interest debt. The payments will be lower, and best of all the interest can be written off on your taxes, unlike your credit card interest.

I really do wish you the best of luck.

Who should we turn to? Who should we trust?

I agree, if you have equity you should look at refinancing, maybe for a longer term, to get rid of that credit card debt. That%26#039;s what%26#039;s killing you, the high interest rates. If you can re-fi, it%26#039;ll pull that monthly payment off your books (lower it substantially) and let you keep your head above water.

Beyond that, try to maximize income. Get a second job if you can, and put that directly to debt servicing, get it down at any cost.

Who should we turn to? Who should we trust?

Your debt ratio is too high to qualify for a refinance or HELOC....bad idea anyway....

Get tough....lose the cable.....lose the cell phone......somebody better delivering pizzas at night.....garage sale......lose the internet....sell the computer....have the kids clean the neighbors garage and give half to the household.....

You need to list your debts and decide which ones need to be paid......and focus on them one at a time.....

Is the credit symbol from a debit card really credit? I.E Visa logo on a Bank of America debit card.

A friend of mine is arguing that the credit symbol (Visa) on my debit card doesn%26#039;t actually %26quot;build%26quot; my credit. I%26#039;m telling her it does. That i can use my debit card like a credit and pay the money back. The money is drawn from my bank account because i have the money and im in debt to the bank. She%26#039;s saying it%26#039;s my money to begin with. If i didn%26#039;t have the money in my bank acount i%26#039;m overdrawn; being in debt to the bank anyway. She also argues that when u are in bad standing with a bank, it DOES NOT go on your credit; decreasing your credit score, giving bad credit. Correct me if i%26#039;m wrong, i%26#039;m only 17, still things about credit i don%26#039;t know, but i know i%26#039;m right on this.

Is the credit symbol from a debit card really credit? I.E Visa logo on a Bank of America debit card.?

Debit cards only build credit with YOUR bank. If you want to build real credit get a credit card with no annual fees and freeze it in a bucket of water in your freezer. That way you don;t get in debt but at least you are building credit with time. :-)

Is the credit symbol from a debit card really credit? I.E Visa logo on a Bank of America debit card.?

I agree with your friend! However, over time, it MAY help to boost you credit rating

Is the credit symbol from a debit card really credit? I.E Visa logo on a Bank of America debit card.?

debit cards do not affect your credit

it is not a line of credit nor a loan

it is linked to your checking account if the funds are there it works otherwise declined transaction

Is the credit symbol from a debit card really credit? I.E Visa logo on a Bank of America debit card.?

A 17 year old is not old enough to enter into a legally-binding credit contract (which is what a credit card is). The Visa logo is only there so you can use the card at places that don%26#039;t take debit cards. I don%26#039;t think it does anything to your credit score.

Is the credit symbol from a debit card really credit? I.E Visa logo on a Bank of America debit card.?

There%26#039;s NO SUCH THING as a credit rating! You can build up a credit %26#039;score%26#039; with your bank, and new banks will %26#039;score%26#039; you based on what you tell them. Only bad debt goes on a database for banks to make credit decisions. As far as your card goes, if it says %26#039;credit card%26#039; you will get a bill every month stating how much you owe etc. If it says %26#039;debit card%26#039; then the money comes straight from your account. I fully recommend you speak to your bank if you are unsure - if you leave it too late tou will muck up your finances and get into trouble. Please listen to a bank, not your friends.

Is the credit symbol from a debit card really credit? I.E Visa logo on a Bank of America debit card.?

debit card logos just tell you what atm machines you can use . if your travelling , you have to find a machine with a same logo on in order to use it.

Can anyone explain to me how those debt-reduction companies work?

I%26#039;m about 10,000 dollars in debt, and despite trying, I am unable to crawl out of this hole. I do make more than my required payment on time monthly, only have debt on three credit cards, but my debt stays the same. I was thinking of one of those debt consolidation companies I see advertised on TV all the time, but someone told me they are a bad deal. Can anyone tell me how they work and why they are a bad deal?

Can anyone explain to me how those debt-reduction companies work?

They call the credit and try to negociate interest rate reductions and forgiveness of debts.

They usually charge a percentage for this.

You can do it yourself, and save what they charge.

Any debt that is forgiven, counts as income for your taxes, unless it is discharged in a bankruptcy. So that has to be considered.

Your best bet, is to contact a Bankruptcy Attorney, they can do the same negociations, and are a lot more honest about their fees. They can help even if you do not file for Bankruptcy. Usually, their initial consultation is free. They have more negociating power I think since they know the laws quite well, and collection agencies cringe at dealing with bankruptcy attorneys, since a bankruptcy can stay all their contracts and stop all collection efforts except through the bankruptcy court.

Debt Consolidation is a loan that combines all your payments into one, and you normally pay less per month, but a heck of a lot more inthe long run. They tend to keep you in debt longer.

Can anyone explain to me how those debt-reduction companies work?

They don%26#039;t will scamm you.

Got to a nationwide bank

Citi, Bank of America. Wells Fargo.

Talk to a loan officer and develop a program to reduce your debt

It will be free. The consolidations will pound you for eveyr cent you have

Can anyone explain to me how those debt-reduction companies work?

They consolidate your debt to put you deeper in it; with them. It%26#039;s just another loan. You may benifit by having one lowered payment each month but it will be over a longer period of time. You will pay more in the long run than you would if you paid for the debt you currently have. If you do not pay more than the minimum you will not get out of debt.

Can anyone explain to me how those debt-reduction companies work?

before going to them companies see if you can transfer your debt balance to a intrest free balance account,that way youl only be paying what you owe,you can try diong that a few times! thats what that finance guy on tv used to say anyway

Can anyone explain to me how those debt-reduction companies work?

To consolidate debts, you don%26#039;t need any helper company. You need to find good balance transfer offers that minimize your interest or, even better, talk to each of your current c/c companies to reduce your interest and offer additional credit line for transfer.

To reduce debts, you generally need a helper company. They negotiate with your creditors, trying to convince them to %26quot;forgive%26quot; you some part of your debt. Some creditors will do, if they believe that you can stop paying them at all. If this happens, the debt reduction company will take a good chunk of the money you save, and this whole deal will greatly damage your credit record, so you will be paying more for credit for years and years to go.

If you spend less than you make, keep making payments on time and talk to your creditors yourself, you will be out of this hole on your own.

Good luck.

Can anyone explain to me how those debt-reduction companies work?

Here is a website that may help. They can send you free email information on debts and how to improve your debt load with handy LEGAL tips. They also point you in the direction of reputable legal aid should your case merit one.

Can anyone explain to me how those debt-reduction companies work?

what they do is not pay your creditors for months and then try and settle for less. It will trash your credit and you will be treated as if you have filed bankruptcy if you try to get a home loan.

You can save the fees they charge to do this and do it yourself.

Also, If you use one of these companies and they don%26#039;t pay your debt. You, and you alone are still responsible for the debt. Your creditors will sue you and not the company you hired.

Can anyone explain to me how those debt-reduction companies work?

Under your circumstance,I suggest here for you to have a visit.http://debt-consolidation.featured-resou...

Can anyone explain to me how those debt-reduction companies work?

Tackling multiple credit card debts can be quite confusing and will require a lot of effort. Consolidation of various credit card debts is an obvious solution. But, finding a company which takes care of this task most efficiently is not an easy job. The five questions mentioned below will help you find a right credit card debt consolidation agency, which won%26#039;t burn a hole in your pocket and get you the best deal.

1. How professional they are?

Checkout the credentials of the credit card debt consolidation company. Did they help out customers with similar problems? Ask for references and contact them. Get a feedback about the company. Know about the professional expertise of the people involved in the company. This will help you gain confidence that your problem of credit card debt will be handled efficiently.

2. Is it non profit?

Yes, there are companies out there who offer free credit card debt consolidation help. Its your duty to find them out. These companies have people who don%26#039;t work for profit. The fact that they don%26#039;t charge you doesn%26#039;t mean that they are inept. Many such organizations are run by people who themselves were once a victim of credit card debt. They bring their genuine experience of tackling such problems. Lookout for one such company and get help without paying a penny.

Read more from: http://www.credit-card-gallery.com/artic...

All those people that want credit cards?

that are young and can%26#039;t afford to pay on the cards. Why do you get them? Do you read the fine print before signing up? Do you realize that if you don%26#039;t pay your debt to the credit card company, they will destroy your credit, the ability to get loans for cars, homes. Even a job or an apartment. Help me understand why you do this to yourselves, please!!!!

All those people that want credit cards?

i did it and i regret it, i suppose you apply for one really when it comes in post offering you one i aid to my self just for emergenies but it dont work like that before you know it you owe a large bill and find it hard to pay back i have just finished with mine and i am never going to have one again

All those people that want credit cards?

It is because our public school systems and parents fail to teach the lessons of financial responsibility and, more importantly, the ramifications of irresponsible financial behavior.

All those people that want credit cards?

Theres definately an eliment of %26quot;keeping up with the jones%26#039;s%26quot; these days, young people see the likes of the Beckhams et al with all sorts of designer goods and they want a piece of the pie, unfortuantely this ends up being to thier detrement when they find they cannot pay the money back, I think credit card companies are partly to blame tho, they should have stricter guidelines on who can and cannot get one and definately be stricter with credit limits, when i was 17 I was an out of work student but Barclaycard let me have a credit limit of 鎷?000 of which it took me nearly 5 yrs to pay off....hard work!!

All those people that want credit cards?

It%26#039;s too bad that you folks don%26#039;t have confidence in our young people. A few points: first off having credit card is not a bad thing. It needs to managed correctly, used for the right purposes and used responsibly. Secondly, debt on an overall scale IS A GOOD THING. It is good for the economy and economic growth of our country. Please refer to any economic books.

There are countless companies that are on the stock market and privately held that use debt to better there financial position. You have a %26quot;personal%26quot; financial position and that may require borrowing money.

Credit is one of the most important things regarding your finances and starting early is the best thing you can do.

I think that rather than spending time typing criticizing these young people, I think your time would be better spent directing them to some literature to help be responsible with using credit. There are many classes that can be taken for financial learning as well.

I just think that you guys have a bad approach, take it or leave it.

All those people that want credit cards?

Perfect Question!!!!!!!!!!!!!!!!!

Each and every coin has two sides. Like that there is a good and bad side of a credit.

I dont know what your age is but i think you are new to credit and you dont have a knowledge of What the Credit is?

Good Credit will always helps you to get the loans at lower interest rate and it is still depend upon the FICO score you got.

Bad Credit will affect adversely in the case above may be you will denied to have a loan and may be you will not get a job in the company who checks your credit and hire you for the job. If you have lower FICO score you will get higher interest loans and you will pay much more than the one with a good credit.

Above 94% of the individuals not read the Cardmember terms and agreements that comes in Fine Print. The reason behind this is they dont care too much initially when they are new to credit. Some of the terms and conditions you will not able to ammend with the agreement you sign up with the company. And overall the company keeps the right to change any Clause at any times without giving any reason behind it. This is the reason the people do not read the Cardmember agreement and terms of use of the credit.

Credit card companies nowadays very aggressive for the credit line they give to the individuals. They will try to get maximum money from you if you are default in payments with them. The best you can do in this case is to file a bankruptcy and get the reid of the Credit card bills. This will distroy your credit score and it will bring it to the lowest mark where you start your credit. But still you have a plenty of chance to make your credit good in long run.

All those people that want credit cards?

In my country thoes who apply credit card has to have a proper income or work to get the card . maybe some country don%26#039;t have the system, the requitment in my country to get a credit card is not easy as doing nothing

Best way to straighten out my debt?

ok i have several credit cards to pay off. the collectors are calling and some lawyers office is calling i think. theyre just trying to scare me.

i have a good paying job now and i want to pay it all off. what is the best thing to do...now they have turned it over to collection agencies? do i still pay the credit card company?

what is best for my credit....use debt consolidation or just pay them off? all together its under $10k. i want to fix my credit, it was good before this got out of hand...

Best way to straighten out my debt?

just let the collection agency know that you are willing to pay.., and let them tell the paying instructions..

Best way to straighten out my debt?

Pay the credit card company, if they will accept it. In some cases, they have sold the debt, so they can%26#039;t accept payment because you no longer owe them; you owe the collection company. The sooner you get something paid off, the soone it starts to recede into the mists of time. Creditors put a lot of weight on recent activity.

Best way to straighten out my debt?

pay off as soon as possible,charge offs as to collection agency%26#039;s

will appear as paid, but they will still be there.

Best way to straighten out my debt?

negotiate with the collection agency for 60 cents on the dollar %26amp; make them give you a letter that verything is paid in full.

then contact a firm to restore your credit score

Best way to straighten out my debt?

If it was sold to a collection agency than you have no recourse but to pay them. Prior to paying them tell them you would like to settle the debt but with the provision that is settled they will remove it from your credit report, by the way you want this in writing, if not it will although shown as paid, remain on your credit report as a detriment for 7 years.

Best way to straighten out my debt?

Contact me directly ASAP before you make the mistake of trying to deal with this yourself.

Patrick McCullough

Debt Analyst

irishmactx@yahoo.com

Best way to straighten out my debt?

Hello! I Got This For You. As Always, It%26#039;s Always Better That You Get The Info Firsthand. So Better Check It Out Yourself, Im sure You%26#039;ll Discover Something...http://debt-consolidation.featured-resou...

Best way to straighten out my debt?

Once you have decided to consolidate credit card debt, consult the professionals. There are various good credit card companies and banks, who can handle your request. Do your research before hand, so at the time of consolidating credit card debt, you are sure that it is beneficial for you. Check out for the hidden fees charged by various consolidation plans. A thorough research will save you money later on. http://www.freewebs.com/getanswer/Credit...

Do people run up huge debts on credit cards, just before they know they are moving abroad..Buy what?

one person i know who did it just bought clothes and jewellery and paid for all her groceries. no good buying anything huge if you are moving abroad.

trouble was they decided to come back here to live and now she cant get credit . i wonder why lol, people should consider that it might catch up with them.

.........although you can apply to have all the VAT refunded if goods you buy here are to be taken abroad, another of my friends who emigrated did that, was cheaper to do it that way for all their large items such as furniture and ship it rather than buy it when they got there.

If I have 21k in my 401k, how much will I get if I take it all out? I'm only 28?

I%26#039;m planning a cross-country move. I have worked for my currently employer for 6 years. My girlfriend gave me the ultimatum of moving out there so I must go. I don%26#039;t have a job lined up, but am confident something will happen once I get there. Thing is, my spending habits have been absolutely AWFUL and I only have a few thousand dollars and nearly 6k in credit card debt. I figure if I can make a mass withdrawal from the 21k I have in my fidelity 401k, I can pay off that debt and have cash to live if I don%26#039;t get a job right away. So my question is, being way under 59.5, how much could I get total after taxes and penalties, of that 21k? and is this just a totally bad idea to pay off my debts and make sure I have cash to live off of? I figure my 401k isn%26#039;t going to grow that much anyway. And yes, I sincerely do anticipate changing my spending habits for the better. I just don%26#039;t want to arrive there broke and with credit debt.

If I have 21k in my 401k, how much will I get if I take it all out? I%26#039;m only 28?

You would pay a 10% penalty so $2,100 plus the 21,000 would be added to your income for the year which means you would pay regular tax on it as well and probably at a higher tax rate than you other wise would. Fidelity will be required to take out 30% to pay taxes and you would need to wait until you file the years tax return to get back any overpayment, or of course pay any underpayment. This means you would currently recieve $21,000 - 2,100 - 6,300 = 12,700.

This is a bad idea if you must move I suggest you see how far you can go on the money you have and only do this as a last resort. You may get lucky and find a job quickly and not need to take this money out at all. At that point you have a choice of leaving the money in the 401k or rolling it into an IRA tax and penalty free, of course the money still would have the same penalties if you take out before 59 1/2.

By the way when you say this money won%26#039;t add up to much anyway, if you figure an 8% average growth rate which is below the S%26amp;P 500s average growth of about 10.4% you would have $334,000 by the time you turn 64. Not that small a sum of money. At the average 10.4% it is close to $650,000 at 64 thats the magic of compounding. You have done well to start early with your 401k you should do your best to keep it. Remember even though these sums sound like a lot inflaition is compounding also so great start but you still need to keep working and you should try your best not to have to start over.

Good Luck

If I have 21k in my 401k, how much will I get if I take it all out? I%26#039;m only 28?

As told, you would pay about 40% in taxes. As far as your girlfriend, you can always get a new one and keep your job.

If I have 21k in my 401k, how much will I get if I take it all out? I%26#039;m only 28?

My friend please don%26#039;t go ...if she gave you an ultimatum that equals divorce or breakup in the long run....you gotta list the pros and cons of the situation. if you go and she breaks up with you ,man your screwed......you%26#039;d lose everything...your asking for help on here ..which means you gut is telling you to stop and think about this,,,plus no job credit will be ruined...you will become a diffrent person.. a person she wont like ...ive seen it happen to many times...and to myself also...The best answer is to find a new girl...trust me dont make a mistake like the rest of us...shes not worth it ...and if she willing to ruin you like that .and control you ...control will be a big issue lol....no job no money maxed out credit ....she will own your balls....just dump that death trap ...good day

If I have 21k in my 401k, how much will I get if I take it all out? I%26#039;m only 28?

postpone the wedding and see if it is true that distance make the heart wonder or fonder == mean while keep you job and get you debts under control == no one should make a major change like this heavy in debt == but back to your original question since love is blind == off the top of my head lets say 2100 for fees plus taxes maybe you would net 14K!!!

What is the Balance Transfers offered by credit cards?

Is it as simple as transfering the debt in my credit card to the new one with the lower rate? or is there any hidden trick?

What is the Balance Transfers offered by credit cards?

Many company%26#039;s will offer you a low rate to get your business. But be sure to read all the info. Some will give a one time offer to transfer all your ballances to them for a low rate even 0% but will charge you a 2 to 3 % transaction fee. Intrest rate and transaction fees are to seperate items. Some will make this offer of 0% and it is good till you pay off the transfer you made, but all other transactions you make will be a low 3.9% . So lets say you transfer $3000.00 and it falls under the 0 % offer they made. Then 6 months later you go out and make a regular purchase at Wal-Mart and charge $200.00, This purchase falls under the 3.9% part of there offer. Here is the catch.Purchases are not included in the introductory offer. They allocate payments at thier discretion. This means when you make your monthly payment ( $25.00)it is being aplied to the $3000.00 transfer you made at 0% and untill that is paid off the $200.00 you charged at wal-mart will keep incurring 3.9% per month.This is just one example. I suggest if you except a low offer and make a ballance transfer, put the card away and not use it till you pay off the transfer. And be sure to make all the payments on time. If your late just once you will pay the regular intrest or even more the rest of the time

What is the Balance Transfers offered by credit cards?

Yes, normally no hidden fee%26#039;s.

Credit card companies want your business and the money they make from your purchases.

I suspect you are looking at some type of ad that wants you to transfer your old credite card debt to a new credit card. If thats the case, call the toll free number on the application and see if in fact their are any hidden fee%26#039;s.

What is the Balance Transfers offered by credit cards?

some time there is a small trasfer fee just check with your credit card because every credit card is different.

If my credit score is 655 and if apply for a wamu credit card how much will they give me as a start?

I always pay everything on time and have no debt. Also do they offer any rewards, if yes which cards? Thanks

If my credit score is 655 and if apply for a wamu credit card how much will they give me as a start?

Being that I manually approve or deny applications for credit, I can tell you firsthand, that it can depend on not just your score, but other factors such has how long you%26#039;ve had credit, what kind of credit accounts you have. And now with the %26quot;credit crunch%26quot;, it%26#039;s a lot harder to even get approved. So, if the previous poster said that they got a $400 line with a 640 score, you can just imagine how it could be now. All I can tell you is continue to pay on time and cross your fingers!

If my credit score is 655 and if apply for a wamu credit card how much will they give me as a start?

my credit score was around 640 two years ago they gave me $400.

Debt collector/credit issue?

ok: at the end of july i had an emerency room visit, no tests were run or anything. i didnt have an insurance card at the time (%26amp;couldnt get my ins. number bc of timing). so they billed me in august %26amp; in september i gave them the insurance info when i recieved my second, now overdue, bill. then my third bill came in oct. but heres the deal, it has a different amount on it under previously owed balance. so i paid that by the date it said it had to pay by %26amp; the check was cashed. (2nd bill, which i still have says that i owe 206, 3rd said 190, minus the insurance 171). ok now i just got a letter from a debt agency saying that i owe $227.

now all the bills lack a description of what the service is for (i DID loose the first bill tho). but the account numbers and date of service matches perfectly. there is only one difference (1st bill %26quot;sb: 20108,%26quot; 2nd bill %26quot;sb: 20100%26quot;?). i think the doc is affiliated with the hospital too, its catholic. how will this affect my credit score? help! advice?

Debt collector/credit issue?

This will not affect your credit score, however, you will still need to pay whatever is left over after insurance is paid, if the provider insists on billing you the balance of what insurance paid.

You should check with the hospital to see if they applied a discount based on the agreement they have with the insurer.

If they gave a discount, then see if they%26#039;ll take payments over time and you%26#039;ll start to make a good faith effort to pay it off.

If they did NOT give a discount to the insurer, then you should ask if they%26#039;d be willing to take 30% off the bill in exchange for you paying it all within 30 days.

Hospitals will many times accept far less than the actual full bill if they can be sure they%26#039;ll get the money quickly.

Debt collector/credit issue?

It%26#039;s not on your credit yet, and it%26#039;s best to keep it that way. First things first: immediately send the collection agency a validation letter (your rights under the FCRA). You need to make sure of the exact debt; this will force them to get a copy of the original and send it to you. If you lost the original, no problem. The burden is on THEM to prove the debt is yours. If they can, work out a settlement with them. If they can%26#039;t, they can%26#039;t put it on your credit and must desist from collecting.

Simply write: %26quot;Please provide validation that I owe this debt. Include copies of the original as I am sure I paid this in full%26quot;. Send a copy to the BBB. They will most certainly answer or leave you alone.

Debt collector/credit issue?

I would call and tell them you would like an itemize statement, and go from there. Yes it can effect your credit if it goes into collection

Debt collector/credit issue?

First and foremost, you should contact the hospital, the insurance company as well as the debt collection agency and get a statement to show how much has been paid.

Then you can verify what the correct balance you owe.

Your score may not be effected because it depends if the hospital reports any overdue balances to the credit bureaus.

Also your credit report may not reflect medical bills. To be sure, you should contact all three and request one. Some states allow you to request a free report on an annual basis.

Just a word of advice, let the debt collection agency know that you want to create a payment plan to ensure you that you stay on track and not miss any payments.

Hope this info helps you.

God Bless.....

Are there limitations as to how you use the money from a student loan?

I%26#039;m applying for a federal student loan, not only to help me pay for school, but to pay off a $2000 credit card debt I%26#039;ve had for the last 3 years. Is this legal? Does the federal government view credit debt as another living expense? Because it pretty much is, right?

Are there limitations as to how you use the money from a student loan?

There are specifications that student loan money is used for such as housing, transportation (not the purchase or payment of a car), items for school such as a computer(which is required now a days for most all courses), clothes, etc. Most importantly remember that %26quot;school loans%26quot; apply to what is directly a necessity for %26quot;school%26quot; . Credit card payments are not considered a portion of the %26quot;living expense%26quot; because it is not REQUIRED that you have a credit card, or charge things on it. Living expenses are things that are considered a %26quot;need%26quot; in order to survive and be productive in school. Housing, clothes, =NEED--over spending=NOT NEED.

I know it is easy to %26quot;justify%26quot; the expense, but again there are stipulations to the loan. If you need to justify the credit card, use your student loan to pay your rent/mortgage, and take what you normally spend on that expense and put it towards the credit card debt. And don%26#039;t charge anymore if you need something, make sure it is a need.

I am not trying to lecture you, or tell you what to do. Ultimately you are the one that would have to explain away the expenditures if ever asked. Be prepared to do so if it ever comes up, just be cautious and wise in the spending of the loan monies ok! Good Luck, and best wishes for success in school!

Are there limitations as to how you use the money from a student loan?

Well, I don%26#039;t believe that your debt is a consideration for getting a student loan. What concerns me is that you are getting one loan to pay off another. You do know that regardless of your circumstances, you can only erase student loan debt by paying it? If you must someday declare bankruptcy, and you%26#039;re current spending habits suggest that you will, student loans are not part of the bankruptcy. Only borrow what you absolutely need, stop charging stuff, and pay off the credit card debt by getting a part time job.

Are there limitations as to how you use the money from a student loan?

You are doing a foolish thing and trying to justify it in your mind.

You are free to spend th money any way that you see fit.Yet,all that you are doing is shuffling your debt.You will still owe it,you will simply owe it to someone else.

The federal government views you as a borrower,that is how you are seen.

If you play games with this,you will learn a very adult lesson.Your credit will be a wreck and your tax refund will be garnered if you do not pay the debt yourself.

You are hereby advised to rediscover cash.If you do not have it,pay down your debt until you do have it.

"Credit Clean Up" Advice Please?

My credit is very bad, and my score is somewhere in the 400%26#039;s, close to 500.

85% of my credit is unpaid hospital bills totaling about $15,000. The rest is an old utility bill ($500), and a I owe a bank ($300)

I have never had any bankruptcies, foreclosures, credit cards, repossesions, evictions, etc.....

What would you suggest I pay off first to get my credit score up? Some people say hospital bills aren%26#039;t that important, but they must be important if my credit score is so low and I don%26#039;t have anything %26quot;major%26quot; on it.

I have seen other people with credit scores that low, but they had all types of credit card and loan debts. That%26#039;s why I don%26#039;t understand why mines is so low and I never had any of that stuff.

Anyway, what would be better to pay off first, the hosptial bills, or the two other small bills?

Also,is there anyway to consolidate my hospital bills all into one payment? They are with the same hospital, but they are from different doctors and different depts?

%26quot;Credit Clean Up%26quot; Advice Please?

You have some good advice, but I must ask,how old are these bills?

Derogatory accounts drop off your credit report 7-years from the date of first delinquency. If any of these are close to dropping off on their own you would be better off simply letting them.

http://www.bcsalliance.com/index.html

If they are close and you start paying on them you restart the statute of limitations which is time that they have to legally take you to court and sue.

I have posted a link so you can look up the S.O.L. for your State.

%26quot;Credit Clean Up%26quot; Advice Please?

go bankrupt and start over, that way you wont have the hospital bill%26#039;s to pay, and you can get a fresh start,

%26quot;Credit Clean Up%26quot; Advice Please?

I would start collecting all the hospital bills and figuring out exactly what you owe. Then contact the hospital%26#039;s billing department and work out a payment plan with them. They may be able to combine all of the bills into one payment, or you may have to pay them off one at a time. At the same time see if you can establish a payment plan on the utility bill and with the bank that you owe money to. Ask all of the companies you are working with to change your status on your credit report to paying as agreed. Your credit score is probably so low because you don%26#039;t have any long term accounts with a good history of repayment. To get your credit score up, get a secured credit card. This is where you plop down a deposit, usually $300 and receive a credit card with a $300 limit. Use it to buy something small each month and pay it off. After 9-12 months you should see an increase in your credit score and the credit card company should return your deposit. Good luck!

%26quot;Credit Clean Up%26quot; Advice Please?

Honey, it%26#039;s obvious that it%26#039;s the doctor bills. Any outstanding bill that is months in arrears, will appear on your report. Start with all your doctors offices and see if you can get on some kind of payment schedule. If possible, get a loan if they refuse and want their money now. If you don%26#039;t have a credit union, join one and see what they can do to help you. If you are working, get yourself on a budget. If you have a Roth IRA, you can liquidate it to pay these guys off. If you have a home, you can get an equity second to pay them off. The interest is cheaper than a credit card bill and is tax deductible.

%26quot;Credit Clean Up%26quot; Advice Please?

I would pay the smaller ones off first. Then (if you do not have any credit currently) I would get some sort of credit account. Either a car payment, mortgage, or credit card. Do not get something you can%26#039;t afford, though. Something you can responsibly handle to add some %26quot;good%26quot; things to your credit history. Contact the hospital (or if it is in collections, the attorneys) regarding the medical bills. See if you can work out a payment plan to pay it off in a reasonable manner.

Be careful with your credit in the future. It is not easy to fix, and it will take time, but show responsibility, and it will improve. If you do get a credit card, make sure your balance is LOW in relation to the credit limit. Maintaining high balances can really hurt your credit.

I also recommend getting a free copy of your credit history. (not freecreditreport.com) Everyone is allowed a copy of each of the three credit reports (transunion, experian, and equifax) each year for free. Many times, they will show what you need to work on to fix your credit history. Good luck!

%26quot;Credit Clean Up%26quot; Advice Please?

Of course you are not the only person this has happened to. If you want help from people who are dealing with the same thing try the forums at CreditBoards.com they are very helpful and supportive.

As you start to pay these back remember that paying off a debt will not help your credit you need to make sure you get the creditor to agree in writing to delete the trade line from your reports completely in exchange for the payment (and sometimes they will take less than the full amount owed). This is commonly called a %26quot;Pay for Delete%26quot; if you do nothing else try to do that when paying them off.

Good Luck!

3 credit cards= $7075. Will using my unsecured $10K loan to pay them at once or over time raise my f

My fico scores average 660. APR%26#039;s on the cards are 14.24-22.24% and my secured loan has a 13.95% fixed APR. I took out the loan to cover $1800 for surgery expenses that my health insurance would not cover because of no available credit on any cards. When I was approved for the loan, I asked the loan officer to raise the it to $10,000 so I can use it to pay off credit cards by consolidating the debt. The loan%26#039;s monthly payment is $235 for 5 years. My credit card%26#039;s monthly payments are $320. Once the cards are paid off, I will save $85/month and only have one monthly payment to make. My main concern is: 1) Will paying the cards off all at one time hurt my fico score, if so, how should I pay them off over time? 2) Should I keep the cards open to show a low balance to credit limit ratio? 3) Or- should I close any of the cards and/or lower their credit limits? 4) Will having an unsecured $10,000 loan hurt my credit limit to balance ratio? 5) Will having the loan hurt or help my fico score?

3 credit cards= $7075. Will using my unsecured $10K loan to pay them at once or over time raise my fico score?

Assuming that it is just what you said, a loan %26amp; not a line of credit, that means you are already paying back the $10k every month. Does this mean that you have it all sitting in an account? But anyways... pay off the cards %26amp; leave them open for your reason #2.

As for #4, you have already done what will be done to your credit by taking out the loan. You will only help the situation by paying off the cards b/c on your credit, it now shows you owe $17,075 ($10k loan + $7075 in cc). Had it been a line of credit, the difference would be minimal b/c it would show that you still owe $7075, but just to the line instead of the cards. And you would have the $10k limit on it.

AS for #1, if you have had them for a little while, just pay it off, you have plenty of history %26amp; you now have the loan.

Good luck

3 credit cards= $7075. Will using my unsecured $10K loan to pay them at once or over time raise my fico score?

Whether you have the cards charged up or not, counts toward your score. In other words, if you have a credit card with a $5000 dollar limit, but you only have $500 charged on the card, you have a potential of $5000 debt, which cann affect our score. That is my understanding anyway. If you can afford it, I would just pay them off close the accounts on one or two of the cards or have the limit lowered.

3 credit cards= $7075. Will using my unsecured $10K loan to pay them at once or over time raise my fico score?

1) Paying off the cards all at once should not hurt your FICO score because you are reducing your balance to credit limit ratio on all your credit card accounts.

2) I would keep one credit card account open (i.e., the one with the lowest APR) and close the other two by paying off the balance in full. Pay off a significant portion of the balance for the card with the lowest APR. I would then call the credit card company and ask to have them lower your APR so that your interest payments are a little more manageable. Threatening to transfer your balance to another credit card company should allow you to get the drop in interest rates you need.

3) Again, I would keep the one credit card open while closing the other two. If you feel that by lowering the credit limit on the open remaining credit card will make you less profligate in your spending, then that%26#039;s what you should do.

4) A loan is not like a credit card balance, so again, having the unsecured 10,000 loan should not hurt your credit limit to balance ratio.

5) Having the unsecured loan shouldn%26#039;t necessarily hurt or help your FICO score because you%26#039;re using the loan proceeds to pay off credit card debt. You%26#039;re basically swapping types of debt (credit card to unsecured).

To ultimately answer your question, I would think using the unsecured loan to pay off your credit card debt at once would slightly raise your FICO score, not lower it. Hope this helps...good luck!

3 credit cards= $7075. Will using my unsecured $10K loan to pay them at once or over time raise my fico score?

I think that the answers that have been given so far are good. I would add one thing. You need to look at why you have over $7,000 in credit card debt. This is not a judgment call just a question. What are your spending habits?

Generally what happens to people is they consolidate their bills and then go back out and run up the credit cards again. This is a vicious cycle. The fact that you are acknowledging this is a good thing. So if you do consolidate the credit cards then by all means cut them up except the one with the lowest interest rate and then take it out of your wallet and put it away. If it is not easy to use then you will have to think twice about the purchase. I would also continue making the $320 if you can afford it. This will pay the loan off sooner and reduce the amount of non-deductible interest that you are paying. Each additional principal payment saves you 13.95% on your %26quot;investment%26quot; Where else are you going to earn that kind of money? The other alternative is to put the savings ($320-235) into a saving account and in effect pay yourself. Then, when you want that next %26quot;toy%26quot; you will have the cash for it instead of having to borrow, which cost you more in the long run.

The one think that is missing from your question is what is your real long term goal? Lower interest rates? The purchase of a home? Keep that goal in sight and you will make it a reality. Best of luck to you.

3 credit cards= $7075. Will using my unsecured $10K loan to pay them at once or over time raise my fico score?

First, your rates are relatively high. Have you attempted to request the companies to lower their rates? You can threaten to close the account if they don%26#039;t. Go to http://www2.oprah.com/money/debtdiet/ste... for a script. Better yet, do you get those 0% APR offers in the mail? This is even better, allowing you to pay only a one-time 3% transfer fee vs the monthly interest. If this is not an option, using the loan would be better than paying the additional interest.

For your questions:

1) Paying the credit cards at one time will actually help your score. Credit card debt has the worst affect on your score than any other type of debt w/the exception of collection accounts.

2%26amp;3) Keep the cards open and do not lower the limits as long as you can manage to purchase 1 item with each card (groceries, gas, etc) and pay it off in full before the due date. This keeps the accounts active. If you feel you can run the risk of charging the cards again, then I would keep the oldest card open and close the other two.

4%26amp;5) The loan may initially hurt your score. But you have to remember that before you had the loan, your debt to credit ratio was much higher b/c you had $10k less in available credit. Over the next 5 years, paying down the loan will help your score. So, as your credit score rises you may be able to apply for new credit with better rates lower than 13.95%.