If I stop paying my credit card, will the credit card company write off my balance? Written by Joe TaylorMaybe, 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? Written by Joe TaylorI'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? Written by Joe TaylorThe 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? Written by Joe TaylorYour 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? Written by Joe TaylorIt 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? Written by Joe TaylorIf 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 ...