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CAN I LEGALLY GET RID OF CREDIT CARD DEBT ???????????????
18Mar2008 Filed under: Personal Finance Author: adminQuestion:
I GET OFFERS ON MY EMAIL, BUY CAN'T TELL IF THEY ARE LEGETT.
Answer:
Credit cards are "non-secured" loans. Meaning the money they lend you through MasterCard or Visa is not tied to any collateral. If you stop paying on the debt the credit card company can not do anything but rate you as a bad risk in the credit reporting agency. Basically you get a bad credit rating that won't go away for up to 7 years after you pay the debt off. If you can live with the bad credit report than just stop paying them. You can still get a car loan, but you will pay a high rate of interest because of the bad credit report. You can still buy a house, but the same applies, high interest rate for a high risk loan. One way or another (pay the debt off or pay high interest rates) you end up paying more than a person with a good credit report. Another alternative is bankruptcy which is an awesome tool when used correctly. It is a tool that many millionaires and billionaires use to their advantage while most working people scorn the legal precedence. If you have more debt than income, bankruptcy is for you. Don't empty your savings and retirement accounts trying to keep up, just go file. Erase the debt and start over. You will have a high risk credit report for up to 10 years but within a year you can start building a good credit profile to shorten the high risk time. It's all about the capitalism!
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credit card debt consolid
April 4th, 2008 at 9:55 pm
Anyway, I wanted to say that I am really happy with my credit card company. They are very serious and they are helping me out with this issue. It is not one of those famous credit cards like those with Bank of America brand, but still it is working fine for me.