Alternative Credit Card Debt Reduction Options
Author: GUEST
Posted: Mon Oct 27, 2003 1:03 pm
Post subject: Alternative Credit Card Debt Reduction Options
I had perfect credit, and thus I had a lot of available credit. I maxed out my cash advance limits on my cards and now I owe $118,000. I lost this cash in Atlantic City betting the tables. Any advice? Can I file for bankruptcy for this? Can they garnish my wages?
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Author: Ira
Posted: Mon Oct 27, 2003 10:55 pm
Post subject: Alternative Credit Card Debt Reduction Options
With conscious effort I'm going to resist offering an opinion about your AC escapades and tell you to look forward not backwards.
First of all, if your credit was good and Atlantic City was very recent, your credit is still good. Have you defaulted on any payments? Have you been late with any payments? If the answer to both questions is no, once again your credit is still good. Asking for help at this stage is 'way better than after you're six months behind.
Second, at all costs continue to plunk down something - at least the minimum payment - every month on all credit cards. This will maintain your good credit standing.
Thirdly, let bankruptcy be your very last penultimate choice. Reason is that a bankruptcy stays on your credit record for TEN YEARS, with no hope of getting it deleted during that time period. In other words, avoid it like the plague. There are other options.
Author: Ira
Posted: Mon Oct 27, 2003 11:11 pm
Post subject: Alternative Credit Card Debt Reduction Options
Oops! Forgot to comment about wage garnishments. A wage garneshment is a legal procedure. The creditor must first obtain a money judgement in court against you. Essentially it means they have to bring suit against you. This takes time and money. If you're found guilty a judgement is issued. The plaintiff must now serve you personally with the judgement. Depending on your state laws this can be done by a bail bondsman or the county Sheriff's office. When all this has been accomplishede, the plaintiff can ask for a wage garneshment.
IF it sounds complicated, it is, and there are legal fees along the way which are usually passed on to you. Also, not every employer will accept a garneshment. I think there's some rule about houses of worship and foreign diplomats being slightly about the law in these cases.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Mon Oct 27, 2003 1:03 pm
Post subject: Alternative Credit Card Debt Reduction Options
I had perfect credit, and thus I had a lot of available credit. I maxed out my cash advance limits on my cards and now I owe $118,000. I lost this cash in Atlantic City betting the tables. Any advice? Can I file for bankruptcy for this? Can they garnish my wages?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Ira
Posted: Mon Oct 27, 2003 10:55 pm
Post subject: Alternative Credit Card Debt Reduction Options
With conscious effort I'm going to resist offering an opinion about your AC escapades and tell you to look forward not backwards.
First of all, if your credit was good and Atlantic City was very recent, your credit is still good. Have you defaulted on any payments? Have you been late with any payments? If the answer to both questions is no, once again your credit is still good. Asking for help at this stage is 'way better than after you're six months behind.
Second, at all costs continue to plunk down something - at least the minimum payment - every month on all credit cards. This will maintain your good credit standing.
Thirdly, let bankruptcy be your very last penultimate choice. Reason is that a bankruptcy stays on your credit record for TEN YEARS, with no hope of getting it deleted during that time period. In other words, avoid it like the plague. There are other options.
Author: Ira
Posted: Mon Oct 27, 2003 11:11 pm
Post subject: Alternative Credit Card Debt Reduction Options
Oops! Forgot to comment about wage garnishments. A wage garneshment is a legal procedure. The creditor must first obtain a money judgement in court against you. Essentially it means they have to bring suit against you. This takes time and money. If you're found guilty a judgement is issued. The plaintiff must now serve you personally with the judgement. Depending on your state laws this can be done by a bail bondsman or the county Sheriff's office. When all this has been accomplishede, the plaintiff can ask for a wage garneshment.
IF it sounds complicated, it is, and there are legal fees along the way which are usually passed on to you. Also, not every employer will accept a garneshment. I think there's some rule about houses of worship and foreign diplomats being slightly about the law in these cases.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 1:26 PM
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