Credit Card Debt Help

If I stop paying my credit card, will the credit card company write off my balance?

Maybe, but there's no hard and fast rule about when or why a bank might "charge off" your credit card balance. Under typical conditions, most banks classify an unpaid balance as bad debt after a borrower misses four or five consecutive monthly payments. Some lenders will also shut down an account when a borrower misses four [...]

I recently became disabled, but I have credit card debt. What are my options?

I'm sorry to hear about your situation. It's frustrating enough to work through health challenges without also having to worry about your finances. You're not alone. According to the Social Security Administration, roughly one out of four healthy American workers in their 20s will become disabled before they reach retirement age. As many as 5 [...]

In case of my death, is there anything out there that would pay off my loans and credit card debt?

The answer to your question really depends on your personal situation, and will require specific advice from an estate planning attorney. Although some credit card issuers offer payment protection plans, their benefits often apply to job loss or disability, not for death. When you die, your estate becomes responsible for paying any debts outstanding to your [...]

If my wife has her own credit card debt and she stops paying does it affect me?

Your wife's decision to stop paying at least part of her monthly minimum credit card payment will affect you, but probably not in the ways you might think. First, the immediate impact on your personal credit score depends on whether your wife has listed you as an authorized user on any of her accounts. Some couples [...]

Should I not pay my credit card bill and hope banks offer me a settlement on my debts?

It sounds like you're considering the "nuclear option" for managing your credit card debt. In a word, don't. It's tempting to bury your head in the sand and hope that your money troubles go away. However, there's no telling how a particular bank will react to your situation. The best thing you can do if you [...]

Should I request a personal loan to pay off my credit cards?

If you've racked up some significant credit card balances, your neighborhood bank or credit union might offer a personal loan to help you pay down your debt more quickly. It's a good deal if you can meet all three of these conditions:You can get an unsecured personal loan with fees and finance charges far less [...]

What do you recommend for a person who becomes disabled and after their card protection runs out, they are still disabled and unable to make payments?

Communication's the key to surviving a bout with unbearable credit card payments, especially if you're unable to earn the money you need to clear your debt. It's crucial to express the difference between being unwilling to pay and unable to pay your monthly bill. Without income from a job, you won't qualify for a balance transfer [...]

My grandma is 73 years old, has no money, and owes $25,000 in credit card debt. Will she go to jail if she can't make any payments?

First off, there are no "debtors' prisons" in the United States. We abolished that rule in the early 1800s. Defaulting on credit card debt is purely a civil matter, and your grandmother won't go to jail for that alone. Yet, in many parts of the country, some third-party debt collection agencies have become very aggressive about [...]

I have eight credit cards with a total amount of $13,000. I pay only minimum payments. How can I make only one payment each month?

Q: I have eight credit cards to pay, with a total amount of $13,000. I pay eight separate bills each month, and I pay only minimum payments. How can I make only one payment each month? A: First, a wake-up call. With eight active credit cards on your report, few banks will entertain a balance transfer [...]

I have two credit cards that are almost maxed out. I recently got approved for a new one. Should I use my new card to pay off my old cards?

Q: I have two credit cards that are almost maxed out. I recently got approved for a new one with a $2,000 limit and 0 APR through next August. Should I use my new credit card to pay off my old ones that have a higher interest rate? What would that do to my credit [...]

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