Children can not be held liable or responsible for contracts of any type and also do not have any ability to get credit or have a credit rating. That is why their CC is in your name and why only you are responsible for paying their CC debt. All that is impacted here is your credit.
AnswerIf the "child" is over the age of 18 and is a joint account holder and not simply an authorized user then they are responsible for the debt. Additional InformationIf the parent co-signed for the child's first credit card and now the child is emancipated. That account should be closedand a new account should be opened in the child's name alone. That is the only way to get the parent's name off the account.
The biological parent is legally responsible for paying child support. A step parent is not legally responsible for paying child support.The biological parent is legally responsible for paying child support. A step parent is not legally responsible for paying child support.The biological parent is legally responsible for paying child support. A step parent is not legally responsible for paying child support.The biological parent is legally responsible for paying child support. A step parent is not legally responsible for paying child support.
A responsible use of credit is paying off your credit cards each month. Another example of using credit responsibly is using it when you need it only.
No. The child's parent is responsible for paying child support.
No.
interest
No, you can not give credit that you have to someone else. You can loan someone money or your credit card, but you are still responsible for paying the credit card company back.
Buying something and paying it off. It shows the creditor that you are responsible and not a credit risk. Be aware though, you will be flooded with competing credit card company offers.
If there is a support order in affect the obligated parent is responsible for keeping payments current and paying any arrearages. If the order was mandated after the divorce decree and the couple lived separately there may still be arrearages for support that the non custodial parent is responsible for paying.
Not on a personal level. Typically the estate is responsible for paying the debts, including the credit cards. If an heir co-signed any paperwork regarding the credit card, they may be held liable.
Yes, as long as the co-signer is fully informed that if you stop paying the loan they will be fully responsible for paying it and thereby, paying for property they do not own.Yes, as long as the co-signer is fully informed that if youstop paying the loan they will be fully responsible for paying it and thereby, paying for property they do not own.Yes, as long as the co-signer is fully informed that if youstop paying the loan they will be fully responsible for paying it and thereby, paying for property they do not own.Yes, as long as the co-signer is fully informed that if youstop paying the loan they will be fully responsible for paying it and thereby, paying for property they do not own.
The foreclosure will affect your credit record. You are fully responsible for paying the loan.
Credit cards aid to build credit history in the same manner that any debt, whether it is from purchasing a car or by just paying rent. Be responsible with credit cards. You should not overspend.