Who Pays Off Credit Cards When a Relative Dies?

If someone close to you dies, the last thing you need is credit card companies calling about debt your loved one left behind. In general, the executor of an estate handles the estate's debts, including credit card debt. Inform creditors of the death and refer them to the estate's executor if they contact you regarding a deceased loved one's debts. Singly-Owned Accounts If a person had a credit card in his own name, and nobody else had an account attached to that credit card, the executor of his estate must pay off that debt using the estate's...

Read More

How to Clear Collections Off Credit Reports

Having a good credit report is essential to financial mobility. Collections on your credit report can make it hard to get new lines of credit, certain jobs and housing. It is important to be organized and diligent when working to clear collections off credit reports. Setting up a plan and sticking to it will speed up the process and improve your financial situation. Instructions How to Clear Collections Off Credit Reports 1 The first thing...

Read More

Free Legal Aid for When You Are Unable to Pay Child Support for the State of Georgia

The penalties in Georgia for failing to pay court-ordered child support are very strict. Missing consecutive payments can cause the courts to order a lien on your car or other property, up to 12 percent interest on your debt, garnishment of your wages, loss of your license and even prison time. It is possible to have your child support obligations adjusted or deferred if you are experiencing financial hardship. Various legal resources are available...

Read More

Is an Ex-Wife Responsible to Pay Credit Card Debts From Money Willed to Her by a Dead Spouse?

If you are a co-signer on your ex-spouse's credit account or your name is legally on the account, you are responsible for paying it even if your divorce decree states that your ex-spouse must pay it. If you do not pay your bills because your divorce decree states your ex-spouse is responsible and he doesn't pay them either, you can go into default; if your creditors go to court and get a judgment against you, they can garnish your wages for the amount of the debt and may be able to garnish any inheritances you receive. Remove Name from Accounts...

Read More

How to Beat Arbitration for Credit Card Debts

In you are subject to "forced arbitration" in a credit card dispute, this means that you give up your right to go to court. This is harmful for consumers who are victims of fraud and predatory lending. Chances are if you own a credit card issued by a major bank, you're subject to a mandatory arbitration clause. Few people know about the mandatory arbitration clause buried in the fine print of their credit card agreements. In arbitration there's a judge, jury, or right to appeal, making arbitration agreements binding. Avoid arbitration if you can....

Read More

Ways to Clean Up Your Credit

Cleaning up your credit is necessary if you plan on buying a home or borrowing money in the next few years. A low credit score means higher interest rates, and lenders may even deny you a loan. There are several things that you can do to change your credit score to help you qualify for a good mortgage or a better loan. Pay Off Old Debt One of the best ways to clean up your credit is to pay off past due debts. This means becoming current on all of your payments that you are making now as well as paying back loans that have gone into default....

Read More

About Credit Debt Management

Many consumers have too much debt or the inability to pay debt obligations. Credit debt management plans are offered through consumer credit agencies to help individuals gain control of their finances and reduce or eliminate debt. Credit debt management plans cover a variety of financial situations and provide several benefits for consumers who struggle with debt. Function Credit debt management involves plans, strategies and programs consumers...

Read More

How Can I Pay Off My Credit Card Debt?

America's revolving debt balances increased an astonishing 75 percent over the 10-year period ending in 2007. Since then, credit card use declined precipitously, corresponding with the downturn in the economy. Many consumers found themselves in over their heads, struggling to manage their finances. Eliminating credit card debt is life-changing. It won't be fun or easy, but the rewards of an empty mailbox and a full wallet will last a lifetime. ...

Read More

The Ethics of Debt Consolidation

Debt consolidation is the process of combining several loans into one loan, often with lower interest and a lower monthly payment, and is sometimes used by financially overwhelmed debtors. The moral obligation to repay debts is assumed in laws dating back to the Code of Hammurabi, written in 1,700 BC. In this code, provision is made for families who could not repay their debts to work for their creditor until the debt was paid. On the other hand,...

Read More

What Can a Credit Card Issuer Do for an Unpaid Account?

When you apply for a credit card, you don't intend to get in over your head financially. However, excessive use of credit cards can lead to large monthly bills that you may have difficulty paying. This may cause you to miss payments and fall behind on your debt. Your creditor may take several actions if you do not make your credit card payments. Creditor Contact As soon as you miss a credit card payment, your a collection representative employed by your creditor will likely call you to discuss your late payment. The creditor will also send...

Read More

Ways of Paying Down Credit Card Debt

There's no right way to pay off credit card debt. No matter what your method, it's better than just paying your minimum payments and letting your cards carry balances. However, there are different ways you can go about paying down your cards; the method that appeals to you the most is the one you should use to pay your debts. Importance It might be easy and convenient to pay only your minimum payments; after all, you'll eventually get to the rest of your balance. However, thinking this way is shortsighted. Paying just your minimums will...

Read More

Requests for Detailed Account Information From a Collection Agency

The Fair Debt Collection Practices Act is a federal law that allows people to challenge the validity of a debt when a collection agency tries to collect it from them. This is done by sending the collection agency a debt verification letter. Verification Request Once a debt collection agency contacts a consumer in the mail, the consumer has 30 days to dispute the validity of the debt. If a consumer is unsure of the source of the debt, or if he believes that he has received the letter in error, he sends a letter to the collection agency requesting...

Read More

About Consolidating Debt

Consolidating debt is an easy task in theory; you take some or all of your credit accounts and combine them into one account so you can enjoy streamlined finances as well as a potentially lower interest rate and monthly payment. The trick is to find a lender willing to consolidate all your debt into one account while also making sure it's a financially advantageous move for your situation. Consolidating debt is not a surefire solution to debt problems,...

Read More

Missouri Law for Credit Card Default

Credit cards can be a vital financial tool for an individual or household, but they must be used with caution, or else you risk damaging your finances. Federal regulations have protections in place that help protect individuals from being left to the mercy of credit card companies. Although some states have additional protections for credit card holders, Missouri is one state that has not enacted legislation that further defines what occurs when...

Read More

How to Pay Delinquent Debt

In this day of tightened loan qualifying standards, your credit score and how you manage your debt is more important than ever. Mortgage lenders, banks, credit card companies and other lenders look at these two factors when determining how much of a risk you would be. The more of a risk you are, the less likely they will be to approve you and the higher the interest rate you will pay. Paying off delinquent debt, even if it is a few years old, will show that you take fulfilling your financial responsibilities seriously and make you a better risk....

Read More

Can Property Be Seized to Pay Unsecured Debt in Arkansas?

If you have a credit card with a balance, then you have unsecured debt. If you have used utility services in your home, then you have unsecured debt. In the United States, we all have unsecured debt, and sometimes we fall behind on payments. Creditors do not usually seize our property because we have fallen behind on payment. Whether your property can be seized for unsecured debts in Arkansas depends on certain factors. Unsecured Debt Normally, when you go without paying unsecured debt such as your credit card bill, your electric bill or...

Read More

How to Cash in Retirement to Pay Debt

If you are saddled with debt, cashing in your 401k or IRA might seem like a good idea. But it is important to evaluate all of your options before making that decision. In some cases, raiding your retirement nest egg can make sense, but it is important to understand both the short-term tax ramifications and the long-term financial pitfalls that could result from that decision. Instructions 1 Consider your other options carefully before invading...

Read More

5 Steps to DIY Debt Management

Filing bankruptcy or hiring an agency to manage your debts can provide an easy fix. Unfortunately, these methods do not help your credit score. Rather than rely on others or take extreme measures to get rid of debt, consider effective do-it-yourself methods to dissolve your consumer debts. Negotiate with Creditors Instead of filing bankruptcy to erase a substantial amount of debt, you can negotiate a debt settlement with your creditors. Settlements can benefit both you and your creditors. For starters, you're able to pay off your debt at...

Read More

How to Legally Get Rid of All My Debts Including a Past Due on Home Equity Loans

It is possible to legally get rid of all your debts, including a past-due payment on a home equity loan, but you may lose your home. Your home serves as collateral for the home equity loan, and the lender will foreclose if you stop making payments. Filing for bankruptcy can help reorganize your debts and eliminate certain types of debts, such as credit cards. Even after bankruptcy, however, you remain fully liable for mortgage debt. Your only legal option for eliminating the home equity loan is to pay it off, sell the property, or surrender the...

Read More

The Steps to Separate a Deceased Spouse From the Credit Report

If you have recently lost your spouse, you probably don't want to think about closing his credit cards yet. However, you must contact your spouse's creditors as soon as possible to inform them of the death and close your spouse's accounts. Notification prevents identity thieves from using your late spouse's name, and bill collectors from contacting you looking for your spouse. If you live in a community-property state, all debt may pass to you; otherwise, you will be responsible only for paying off joint accounts. Contact Credit Bureaus ...

Read More

What Effect Does Settlement on a Collection Debt Have on Your Credit?

If collection agencies are hounding you over old debts, an offer to settle your debt for less than you owe may sound appealing. Although settling a debt for less than the full amount may not have a detrimental effect on your credit, it won't improve your credit score, and it can also hurt you financially. Settlement When a debt collector offers to settle your debt for less than you owe, he's not doing you a favor. Instead, he's working on the principle that something is better than nothing. He has bought your debt for pennies on the dollar,...

Read More

Laws on Residential Real Estate Foreclosures in Texas

Facing foreclosure is a difficult time for homeowners. The emotions and stress can get in the way of rational thinking, which may help you find a way to avoid foreclosure and keep your home. Texas has laws regarding the foreclosure of residential property, and if lenders do not follow those laws, the homeowner can possibly delay or prevent the foreclosure process. Delaying a foreclosure can provide the time you need to find a way to keep your home. Title Theory Texas is a title theory state, meaning that the title of the residential property...

Read More

What Is My Obligation If My Bill Is Sold to a Collection Agency?

Consumers may look upon debt collectors as nothing more than an annoyance. Some people may assume they have more of an obligation to repay a creditor than a collector. However, debt obligations generally are the same no matter who is collecting a debt. Consumers who don't deal with the debts they owe are in for lengthy credit problems. Creditor Collections A collection agency sometimes only represents a creditor, which means the creditor hasn't sold the debt. A consumer can't always tell if a collection agency has bought a debt, especially...

Read More

What Are the Causes of Action for Debt Owed?

Many ramifications, or causes of action, stem from unpaid debt, ranging from poor credit scores to garnishment of a debtor's bank account or wages. Creditors and debt collectors take punitive action, such as foreclosure or repossession, only if the debtor fails to pay on an account as agreed. That makes it possible for some people to carry excessive debt for years as long as they can make at least the minimum monthly payment. Serious problems begin when the debtor starts missing payments. Credit Scores Credit scores indicate if a person...

Read More

Credit Reporting Agencies FAQ

Credit reporting agencies are bureaus that collect financial and other identifying information about consumers. They are sometimes referred to as consumer reporting agencies. These agencies compile information about an individual's spending and payment habits as well as publicly recorded information into a document called a credit or consumer report. The agencies release the information within the file to creditors who have permission to view a consumer's...

Read More

How to Easily Read Your Credit Report

The law entitles every consumer to a free copy of her credit report once a year. Consumers are allowed to view their reports with each of the three major credit reporting agencies--Equifax, TransUnion and Experian--for free. But once you get those reports, you need to know how to read them, and how to spot errors and possible fraudulent activity. Taking the time to review each report carefully is one of your best protections against identity theft, so the time you spend learning about your credit report will be time well spent. Instructions ...

Read More

Can Debtors' Wages Be Garnished in Arkansas?

Although a creditor will typically make numerous attempts to resolve delinquent debt issues outside of the judicial system, your creditor may resort to a lawsuit if you do not make an effort to pay a past-due debt. In most cases, a lawsuit results in a judgment against you for the debt. In Arkansas, a creditor with a valid judgment may garnish your wages to recover the judgment debt amount. Procedure After receiving a judgment against you in an Arkansas court, the creditor may complete an application for a writ of garnishment through the...

Read More

How to Put a Personal Lien on a Florida Vehicle

Personal liens are a debt collection tool. If you loan someone money and they don't pay you back, a lien on their vehicle or their house gives you the authority to sell it in order to collect your money. In Florida, the law protects state residents' primary homes from judgment liens, but not their vehicles. Once a court establishes the debtor owes you money, you record your lien with the state government. That makes it effective against the debtor's vehicle and other personal property. Instructions 1 File suit against your debtor. To create...

Read More

What Is an Extended Consumer Alert Credit File?

Identity theft can ruin your credit and cause you immense stress. If you have suffered from identity theft, you may be eligible to request that an extended consumer alert be placed in your credit file to prevent future occurrences. Facts An extended consumer alert is a form of fraud alert that can be placed on a consumer's credit report to alert future lenders to the fact that the individual has been a victim of identity theft. Features...

Read More

What Does Prorated Mean?

...

Read More

Consumer Credit Act Definition

When the last provisions of the U.S. Credit Card Accountability, Responsibility and Disclosure, CARD, Act took effect in August 2010, a White House blog post called the act the "Credit Card Bill of Rights." The post asserts the legislation ended "unfair rate hikes and hidden fees" for credit card users. However, one of the best ways to define the act is by determining how it does and doesn't protect you when using credit cards and dealing with card issuers. Interest Rates Credit card companies may raise their interest rates for several...

Read More

More Debt Than Assets in the Death of a Spouse

When a spouse dies, it can be difficult to make financial decisions while you are still grieving the loss of a loved one. However if your spouse left a lot of debt behind, you will need to make difficult decisions about how to deal with the debt and whether or not you can afford to keep your home. A spouse does not necessarily become responsible for all of her spouse's debts. Co-signer Any debts that both spouses co-signed become the sole...

Read More

The Downside or Negatives of Credit Counseling

Credit counselors give you an array of potential solutions when debt threatens to sink you. A good credit counseling firm offers everything from online financial education materials to classes and personal counseling to setting up a repayment plan with your creditors, according to the Federal Trade Commission (FTC). Credit counseling is not right for everyone, and it has some downsides. Service Recommendations Legitimate credit counselors talk to you about your individual circumstances and make personalized suggestions tied into your situation....

Read More

How to Get a Credit Card Balance Reduced

When you've got a high amount of credit card debt, it's hard to make any headway even if you're making the minimum monthly payment. Fortunately, you may be able to negotiate with the credit card companies and get the balance(s) reduced. It only takes a few simple steps to see if any of your credit card issuers are willing make a reduction to help relieve your debt load. Instructions 1 Gather all of your credit card bills and make a note of...

Read More

How Long Can Medical Accounts Stay on Your Credit Report?

A positive credit record demonstrates to lenders, employers, credit card providers and even insurance companies that you represent a low financial risk to the company. Each time a company reports financial information about you to the credit bureaus, this data affects your overall credit scores. Medical accounts are no exception. Unexpected medical debt you cannot afford will tarnish your good credit rating. Fortunately, if a medical debt appears on your credit report, its only temporary. Medical Collections Health care providers do not...

Read More

Can Hospital Bills Be Garnished From a Tax Return?

Even a short stay in the hospital can be extremely expensive. A person may go in with a scrape on the knee and come out with several thousand dollars worth of hospital bills. However, as with any other outstanding debt, these bills must be paid. In order to receive payment of bills, hospitals may attempt a number of different methods. However, garnishing wages from a tax return may be tricky. Hospital Bills When a person checks into the hospital, he becomes liable for all medical expenses that are not covered by his insurance. In such a...

Read More

Christian Help and Solutions for Debt

For Christians, debt represents a bondage. According to the biblical book Proverbs, "The borrower is the lender's slave." Christians seeking to break the chains of debt bondage look for resources that are in line with their faith and beliefs. Thanks in part to the Internet, Christians can find the resources and tools they need to conquer debt. Crown Financial Ministries Crown Financial Ministries offers financial and debt management advice...

Read More