How to Calculate How Long it Takes to Pay Off a Credit Card

If you have a balance on a credit card, you may wonder how long it will take to pay it off and be debt free. You can easily find out how long it will take to pay off the balance and can calculate this in a few ways. When doing your calculations, you can find out how long it will take to pay off your debt based on paying the minimum monthly payment or by paying more. Instructions 1 Go to BankRate.com and use its credit card debt calculator. Refer to your credit card statement to enter the balance, interest rate and monthly payment into...

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Laws & Limitations for Credit Collection in California

No matter how far behind you are on paying your debts, your creditors have to play by the rules. Federal and state laws limit the tactics creditors and debt collectors can use to collect from you. If you life in California, you're protected under the state's Fair Debt Collection Practices Act. The law applies primarily to collection agencies, not to creditors who attempt to collect the debts themselves. Contact Bill collectors can only contact you between 8 a.m. and 9 p.m.; if those hours are inconvenient, you can request different times....

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How Soon Can I Get a Mortgage Loan After I Paid All Debt in a Credit Bureau Report?

Getting your credit cleaned up and old debts paid is an important step in getting approved for a mortgage. However, just paying off debt won't get you the mortgage you want: You'll still have to prove to your lender that you can manage your finances, and this takes time. Maintain a good credit history for a few years and finding a mortgage at a decent interest rate will become a lot easier. Mortgage Lending Each mortgage lender has its own criteria for qualifying someone for a home loan and may offer several different types of loans depending...

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Can Credit Cards Seize Your Joint Bank Account?

When you accumulate a large amount of credit card debt, it can be very difficult to keep up with the interest payments, let alone pay off the balances you owe. Many consumers find themselves in a situation where credit card default is the only answer. When this happens, the credit card company could potentially try to take money out of a joint bank account that your name is on. Collection Process When you owe money to a credit card company, the company will begin the collections process by making extra phone calls and sending extra statements....

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How to Freeze a Credit Card in a Block of Ice

If you have credit cards, you may have a hard time reining in your spending. By making your credit cards harder to access, you may be able to curb your spending and even lower your amount of debt. If keeping your credit cards in your wallet is too tempting, you can try freezing them in a block of ice in your home freezer. This way you have to wait for the block of ice to thaw before you can make a charge on the credit card. By the time that happens,...

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How to Put a Mechanic's Lien on a House

Originally created for auto repair professionals, mechanic's liens have taken on a much stronger presence with real estate. Contractors, subcontractors, and suppliers can use this legal tool to help collect monies owed for work performed. Mechanic's liens help secure outstanding payments. Learning how to file this lien can help contractors and suppliers collect their payments due. Instructions 1 Examine all paperwork relating to the project...

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Effective Credit Management

Having credit can sound like a financial pitfall to some consumers. But with effective credit management procedures, you can establish a positive credit history and put yourself in a position to qualify for that mortgage or car loan. Good credit management takes planning and determination, but the results can be worth the hard work. Debt Ratio One of the questions that consumers often ask is how much credit they should take on at any time....

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Comparison of Cash Flow Statements & Net Cash Flow Statements

A company's cash flow statement tells the rest of the world whether the business in awash in money or scraping by in near-insolvency. Accounting managers prepare liquidity reports in accordance with United States Securities and Exchange Commission guidelines and generally accepted accounting principles. These edicts require that managers publish cash flow statements at the end of a period, such as a quarter or fiscal year. Definition A cash flow statement is an accounting summary detailing the tactics and initiatives corporate leadership...

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Where Can I Get an Online Credit Report?

It is important for consumers to maintain a good credit record by checking the accuracy of their credit reports regularly. The three major credit reporting agencies offer consumers a convenient way to check their reports online. TransUnion As one of the major credit reporting agencies, TransUnion offers consumers a 3-in-1 report that includes information from the three credit bureaus, debt analysis and score information through its website at transunion.com. Equifax Equifax.com offers online access to credit reports for a fee and...

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I Am Unable to Pay My Debts

Finding out that you cannot pay your debts is financially devastating. Although this is not a situation to take lightly, it is possible to work your way through it and get back on track financially. Creating a plan to deal with your financial situation, and then executing that plan can be the difference between success and failure in your pursuit of financial well-being. Determine the Priorities When you cannot pay some of your bills each month, but still have money coming in, determine your priorities or what is the most important debt...

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How Credit Card Companies Use Calculus

Introduction Calculus is the tough subject in high school and college that you never thought you would ever use again in real life. In reality, if you ever plan to have a credit card and wonder how to calculate your minimum payment, you should have paid attention in class. Credit card companies use calculus on certain aspects of your account every month. What is Calculus? In Latin, calculus means stone. Stones were used in ancient Rome to count and perform arithmetic. To be technical, we can say that calculus is just another form of...

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How to Use Personal Loans to Pay off Massive Credit Card Debt

If you have massive credit card debt, you should know that you're not alone. Millions of individuals around the world are suffering with overwhelming credit card debt that is threatening to pull them under. If you're looking for a solution, here is some information on how to use personal loans to pay off massive credit card debt. Instructions 1 Gather All Credit Card Bills. The first thing you need to do is gather all of your credit card...

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How to Read Credit Report Codes

It's a good idea to get a copy of your credit report from each reporting agency once per year. This will give you valuable information on who has been accessing your report and why, whether there are errors on your report that negatively affect your credit score, and whether or not you are a victim of credit fraud. However, once you've received a copy of your credit report, it can be hard to figure out what all of those codes mean. Learn how to decipher what credit reporting agencies are saying about you. Instructions 1 Visit the Annual...

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How to Shop Without a Credit Card

Shopping without a credit card might seem like an odd concept in a society where most people prefer to pay with plastic instead of cash. While some people prefer to use cash as a budgeting tool, other people simply cannot get their hands on a credit card because of past credit mistakes. Paying for purchases without a credit card is an easy task as long as you have the available funds. Instructions How to Shop Without a Credit Card 1 Use cash for your purchases. Although most merchants have grown accustomed to accepting credit or debit cards...

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Debt Recovery Information

Recovering from debt will take commitment, dedication and determination, but if you stick to a strategy, you can eliminate your debt over time. Once you know how much you have to contribute each month to paying off your debt, you will be able to take a good look at the options you have for getting out of debt as fast as possible, with the method that will have the least impact on your credit. Remember that paying off your debt now will help you have...

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How to Report a Good Standing to a Credit Bureau

Credit scores are one of our most important forms of currency. A negative score can stand between you and home ownership, a car lease or a college education. It appears that Americans are getting the picture because, according to a 2010 MSNBC poll, consumer debt has decreased significantly, and many folks are on the road to financial recovery. If you too have gone from a negative credit history to good standing, then it's time to make sure your credit...

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How to Document a Financial Hardship

Economic troubles make it difficult for many people to repay the debts they owe. While it may be possible to negotiate a settlement plan that eases your financial burden, you may be required to document a financial hardship before creditors are willing to do this. The most common way to do document a financial hardship is through a letter to the creditor which documents the reasons why it is difficult to maintain your financial responsibilities....

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How Long Does it Take to Show an Authorized User on Credit?

If you have poor credit, it may be difficult for you to get a credit card in your name. However, if you have a friend or relative who trusts you and who has good credit, he can list you as an authorized user on his credit account. As an authorized user, you have your own card and the same rights to make purchases. The credit card company may or may not report positive information about you every 30 days when the primary cardholder pays his bill. It should not report negative information about you if he defaults. Timeframe Depends on Lender...

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How to Challenge an Incorrect Credit Report

As a consumer, you have the right to challenge a credit report with any inaccuracies. Use the following steps to get any errors on your credit report fixed. Instructions 1 Get a copy of your credit report from the three credit bureaus -- Experian, Transunion and Equifax. Check for and flag any inaccuracies. Keep in mind that each credit report could have different errors so make sure to check each document carefully. 2 Once you have found an error in one of your credit reports, dispute the error either online at the credit bureau website...

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How Long After Paying Off All Debts on a Credit Report Will It Affect the Report?

It's a common misconception that negative information on a credit report goes away once a debt is paid off. However, the amount of time that information stays on your report is a matter of federal law and, in most cases, has nothing to do with when the debt is paid off. Credit Report Time Frames The federal Fair Credit Reporting Act (FCRA) sets time limits on a credit bureau's reporting of negative information. Most negative information, such as late payments, paid judgments or charged-off credit card accounts can stay on your report for...

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Can I Fix My Bad Credit After a Divorce?

Ending a marriage is painful enough on its own, but when one of the results of your divorce is a trashed credit report and score, it can hurt even more. Even just one unpaid joint credit card can knock points off your credit score. You can take steps, though, to protect your credit rating both during and after the divorce, ensuring that you can make a financial fresh start after your marriage ends. Time Fixing poor credit is often a matter...

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Can Interest Accrue on Charged Off Debt?

Many borrowers with charged-off debts are surprised by bill collectors claiming the debt has accrued large amounts of interest. Although some debts may become too old for lenders to collect, charged-off debts do typically continue to accrue interest. Accounting Charged-off debt, according to the financial website The Dollar Stretcher, is outstanding debt that a lender has declared uncollectable for accounting purposes. Although the lender may scale back collection activity, the debt remains valid and may continue to accrue interest. ...

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Information on 0% APR Credit Cards

If you are lucky enough to be receiving 0% credit-card offers, you can use these offers to your advantage. However, be very careful to read the fine print because 0% often does not mean that you pay absolutely nothing. There are typically conditions to the 0% offer, and if you do not follow the conditions, you could end up paying a very high interest rate. Nevertheless, there are many ways to use a 0% credit offer to your advantage. Conditions of the Offer Check the terms and conditions of the offer. Credit card companies typically will...

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How to Negotiate Debt Payoff

If you're deeply in debt, or even have a moderate amount of debt, paying it off should be high on your list of priorities. Being in debt means you're likely paying plenty of money in interest, which keeps you in the tight noose of creditors. Negotiating a debt payoff plan is a first step to becoming debt free. It might take a little work on your part, but will be worth it when you write that final debt payment check. Instructions 1 Gather...

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How to Prevent Identity theft on a College Campus

Every fall thousands of young adults leave home and go to college. Some get their own apartments. But the majority of college students live in the dormitory. If you plan to stay in the dorm, its vital to take certain precautions. Identity theft on campus has become a big problem in recent years. Fortunately, there are practical ways to protect yourself. Instructions 1 Keep your dorm room locked. It only takes a few minutes for someone to walk into your dorm room and swipe important information. This may include a bank statement, credit card...

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How Will a Line of Credit Affect a Credit Rating?

Many want to improve their credit scores, but with the various criteria credit reporting companies use to determine scores, it's difficult to know what you should be focusing on. Opening a line of credit, whether you're doing it for your first time or fifth, has both positive and negative effects, depending on your personal situation. Definition A line of credit is a loan, either secured or unsecured, granted to you by a financial institution....

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How Do I Negotiate to Pay Off a Credit Card With Bank of America?

Whether you're looking to reach a debt settlement on your credit card or attempting to pay off a credit card early or with less interest and waived fees, Bank of America has customer representatives specialized in dealing with your specific requests. Banks and other lenders often make special arrangements with customers who show a good-faith effort to pay their debts by lowering interest rates, making payment arrangements or settling a debt for less than what is owed. Instructions 1 Review your credit card statement and personal budget....

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How Does Credit Card Consolidation Affect Your Credit Score?

Credit card consolidation potentially helps your credit score by reducing balances on other accounts. However, improvement in your score may be minimal or short-term. Actually paying down balances is a much better strategy than consolidation, which merely moves the debt around. Paying all your bills on time and keeping all revolving balances low is the most effective way to build credit. Reasonable Expectations Patience and persistence is needed to rebuild credit, with significant results usually realized after 12 to 24 months of practicing...

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What Is Sufficient for a Debt Collector to Show in Court as Proof of a Debt?

In any civil lawsuit, the burden of proof rests with the plaintiff. This means that when a debt collector sues you in court, she must prove that the debt exists; it's not necessary for you to convince the court of the opposite. The burden of proof in civil court is much lower than in criminal court. A debt collector can prove the debt's existence in several ways. Your Failure to Plead Under the Federal Rules of Civil Procedure, which are closely mirrored by the civil procedure codes of the states, your failure to file an answer within the...

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How to Deal With a Judgment From a Credit Card for Unsecured Debt

A civil judgment for an unsecured credit card debt puts you in a tough position. According to The New York Times, the judgment gives the credit card company or debt collector the right to seek garnishment of your wages or bank account. The Times reported in 2010 that garnishments were rising fasts in some areas -- including an increase of up to 121 percent in the Phoenix area since 2005 and 55 percent in the Atlanta area since 2004. Garnishments increased 30 percent in Cleveland between 2008 and 2009. No national statistics were available, according...

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How to Figure Out Debt to Credit Ratio

When you apply for a loan, a lending institution looks at a number of different calculations to determine how likely it is that you will be able to pay back the loan. Your debt-to-credit ratio is one of these calculations, and it has a direct impact on your credit score, which is a basis for most lending decisions. By understanding this ratio, and how to keep it in line, you can take steps to raise your credit score, and therefore to raise your chances of getting that new loan. Instructions 1 List all the debt you have on revolving credit...

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What Can a Debt Relief Counselor Do for Me?

A debt relief counselor can help a consumer make decisions with the intention of reducing their debt loan and improving their financial situation. Debt relief counselors fall into two main categories: debt settlement counselors and credit counselors. The former, who is always associated with a law firm, can help a person settle debts with creditors. The other will generally provide financial advice designed to improve the person's management of debt. Debt Management Strategies A debt relief counselor will often help the person develop strategies...

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Advantages & Disadvantages on College Students With Credit Cards

College students, or their parents, may toy with the idea of getting a credit card. Credit cards carry out a useful purpose. But if not careful, college students can develop credit or money problems from the misuse of credit accounts. Establish Credit History A strong credit history is highly important when the time comes for financing a mortgage. Upon receiving an application, lenders and creditors immediately pull credit reports to review...

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Is it Possible to Climb Out of Debt?

Rising interest rates and unexpected emergencies can cause a manageable debt to snowball into a huge debt in a very short space of time. However, you can take certain measures to reduce your debt burden and ultimately enable yourself to climb out of debt. You cannot clear your debts overnight but you can take immediate steps that will eventually help you to reach that goal. Budget Before you cut your spending you first need to get a clear idea of your income and that means reviewing your pay check, retirement check and other sources of...

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How Long Does it Take for a Creditor to Take You to Court?

When you owe a debt to a creditor, one of the actions that it could take to collect the debt is to file a lawsuit against you. Once a lawsuit is filed, you will have to appear in court and risk receiving a judgment against you. Understanding how much time you have before this occurs can help you determine your best options to handle the debt. Account Charge-Off When you have a debt with a creditor, you will not be sued until the creditor charges off your account. A charge-off is a process by which the creditor removes your account from...

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What Is a FICO Score & Why Is It Important?

Building a credit history and maintaining a high FICO credit score opens the door to various financing opportunities. Credit scores are highly important, and understanding how lenders and creditors use FICO scores may encourage you to improve your score and make wise credit decisions. What Is a FICO Score? FICO credit score refers to a three-digit number that creditors and lenders use to determine whether a person is a good candidate for...

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Alternative Financial Solutions

Personal finance can sometimes get away from you if you do not have a plan or stay with a plan you do have. When you find yourself in a situation where your monthly obligations may be overwhelming your income, the thought of a debt consolidation loan may come to mind. But alternative financial solutions can help you get your debt back under control without having to take out a loan. Follow a Budget Financial problems can arise when there...

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How to Get Out of Debt to Raise a FICO Score

Most consumers carry debt from mortgage loans, auto loans, student loans and credit cards. However, debts such credit cards can harm your FICO score if you carry a large balance. Thus, it's wise for you to keep these debts to a minimum. Paying down your credit cards increases your available credit, and as your available credit goes up, so does your FICO score. Debt doesn't have to linger. There are several ways to quickly eliminate outstanding balances...

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