The average American has more than $9,000 in credit card debt. While having a credit card isn’t a bad thing, letting credit card debt pile up over time can place an enormous strain on your finances. Take a look at the articles, Q&A’s, blog posts and videos we have linked to this topic for ideas on how to handle credit card debt and your personal finances.
Charged Off Credit Account
What does it mean if creditors put "charged off" on your account? This is a negative reporting that could severely hurt your credit score. A collection agency can pursue you for debt that has been charged off. While it is legal for them to pursue you, they have to live within the rules of the Fair Debt Collection Act.
How To Raise Credit Score To Prepare For Mortgage
To qualify for a mortgage you have to have a clean credit history and a good credit score. What can you to do improve your credit when you want to buy a home? Learn tips to raise the credit score and how to plan for the purchase of property.
Credit Score Myths And Secrets
Keeping your credit score high is more important than ever, since a future employer will probably pull your credit history before offering you a job. But do you know how your score is calculated? Do you have a high credit score or a low credit score? So many questions about credit scores and we've got the facts about how they're calculated and what they mean.
Budgeting To Get Finances Under Control
Budget planning can help make the most of your personal finances by prioritizing your expenses. If you own your home, a home equity loan can be used to help straighten out personal finances and get you back on track. Taking a second job short-term can also help boost income to straighten out personal finances.
Prioritizing Credit Card Debt Payments
When you have debt on a lot of different cards, and the interest rate is different, you always should first pay off the non-deductible debt (debt other than a mortgage or home equity loan) that carries the highest interest rate. When all interest rates are the same, you should then look to which cards carry the highest percentage of your available credit.
Selling Investment Property To Pay Off Credit Card Debt
Is it a good idea to sell investment property to pay off credit card debt? For this homeowner, selling her investment property might not be the best way to pay off her credit cards. A home equity loan on the investment property might be a better solution.
Renting A Home Versus Buying A Home
The question of renting a home versus buying a home is common. You may be unsure if you can take on a mortgage loan, especially if you already have credit card debt. You have to take many factors into consideration when buying a home, including increasing home values and whether renting can save you money in the long run.
Borrowing From 401(K) To Buy A House
A prospective home buyer is saving to buy a house, but has a large amount of credit card debt. Money in a savings account might be better off paying down high-interest credit card debt. When the credit card debt is paid down, this home buyer can focus on saving for a down payment.
Credit Card Company Wants Authorized User To Repay Debt
A credit card company wants an authorized user of a credit card to pay back the balance on a deceased person's credit card. Authorized users are generally not responsible for credit card debt. When a primary credit card holder passes away, the estate must repay the credit card debt. Learn what an authorized user can do in a situation where a credit card company tries to collect the credit card debt.
Credit Card Debt: Are You Responsible For A Deceased Parent’s?
You are not responsible for a deceased parent's credit card debt unless you are listed as an owner of the card. You are not responsible for the credit card debt if you are just an authorized user. The person's estate becomes responsible for credit card debt in the event of death.