Credit card debt is a major problem in the U.S. It seems like everywhere you turn, you’re hit with a new offer from a creditor. Open this line of credit and get a low interest rate for six months, then bam — suddenly you’ve collected more credit cards than you can keep up with. While credit is important — both building and maintaining it — it may not tell your whole financial picture. If you’ve recently lost your job or expect to undergo surgery in the coming months, your credit may take a hit when you’re not able to pay your bills on time. You may have trouble then getting a mortgage or other new lines of credit. Collectors may be after you. The good news is, both credit card debt and medical debts can be discharged in bankruptcy, and collectors stop calling. Learn more from National Bankruptcy Forum about credit and how it is affected by bankruptcy — both the good and bad.
What Does Bankruptcy do to Credit Scores?
When you’re in debt and trying to decide what action to take, you may be concerned about how to protect your credit score. That’s often one of the last barriers to deciding to file for bankruptcy – what will this do to my credit? The answer may surprise you. Bankruptcy certainly does have an effect…Read more
Make Paying Credit Card Debt a Low Priority in Rough Financial Times
Should I Pay My Credit Card Bills? The economic downturn caused people from all walks of life to turn to their credit cards as a life raft, hoping they could keep bills current with the plastic until a new job came around. Thankfully, sometimes that new job does pop up and the credit card bills…Read more
How to Pay Off High Interest Credit Card Debt
Follow These Steps to Pay Off Your Credit Card Debt Perhaps like many Americans your New Year’s resolution involves paying down credit card debt. After all, even the most ardent supporter of the plastic hears that little voice in the back of their head “credit card interest rates are a huge ripoff, I shouldn’t use…Read more
All’s Not Forgiven When Debts Are “Forgiven”
Debts discharged in bankruptcy are not taxable events.Read more
Credit Card Lawsuit Defenses: What to Do When You’ve Been Sued
You’ve fallen behind on your bills and now you’ve received notice that your credit card company is suing you. This usually happens in the form of a letter accompanied by a formal complaint. What do you do now? The first step is to read the complaint carefully. The complaint will have crucial information about what…Read more
Why is My Credit Card Company Suing Me?
Last updated Aug. 30, 2017. You’ve received a summons and complaint, your credit card company has filed a lawsuit. What to do now? Should you file for bankruptcy? First, understand that credit card debt is a type of unsecured debt, meaning that if you can’t make payments, your credit card company cannot come after your personal property…Read more