READ your comtract on the loan and the card. Word to look for: cross-collateralization
NO they cannot. Credit cards are unsecured loans. (not secured by any property/collateral) You can have them discharged through bankruptcy.
YES THEY CAN. Read your contract. I'll bet it says they can accelerate (call in) EVERY loan you have with them if you are in default on ANY loan with them. And some even say "or with any other lender".
It may technically be possible, but it's unlikely. At 18 you will have no credit history, which makes you a bad risk, and "a loan for an apartment" doesn't sound like there would be any collateral to repossess should you default.
they will take your money and repossess your belongings
Different credit cards offer different interest rates. The percentage rate on an orchard bank credit card depends on the individual's credit background and the current stock market interests.
"It appears that the average, standard rate of interest on a debenhams credit card for a current account in good standing is 13.57%. The rate increases dramatically if you account enters default, however."
Actually, the default will stay on your credit indefinately until you get out of default. Student loan default on Federally Guaranteed student loans has no statute of limitation. If you consolidate your defaulted student loans, they will show up as Paid In Full on your credit report. You can get help with the consolidation of your student loans through www.defaultms.com Any default is going to stick around for about 7 years.
Cash is a current asset of business and like all other current assets which has debit balance as default normal balance cash also has debit balance.
It may technically be possible, but it's unlikely. At 18 you will have no credit history, which makes you a bad risk, and "a loan for an apartment" doesn't sound like there would be any collateral to repossess should you default.
No. Repossessions are costly. The bank will simply require the co-signer to pay the loan if the primary borrower is in default. If there is a default it will be reported on the credit records of both persons.No. Repossessions are costly. The bank will simply require the co-signer to pay the loan if the primary borrower is in default. If there is a default it will be reported on the credit records of both persons.No. Repossessions are costly. The bank will simply require the co-signer to pay the loan if the primary borrower is in default. If there is a default it will be reported on the credit records of both persons.No. Repossessions are costly. The bank will simply require the co-signer to pay the loan if the primary borrower is in default. If there is a default it will be reported on the credit records of both persons.
There are several different credit cards offered by banks for students based on their age, credit, and current employment. There are other criteria as well.
Don't know for sure about Texas, but in my state of Ky, they will repossess, the car the default loan is held on. They have no legal right to take the car that is not in default. You do not want to have your car repossessed. Talk to the lender and work something out, even if you have to sell one of these cars. Repo, is the worse thing that could happen. They will sell the default car for around wholesale, and you will be required to pay the difference in this and the balance on the loan. Plus, your credit will be ruined for 7 years. Bad idea!
Current assets are debit as all assets has default balance debit so current assets as well and these are shown under current assets section of balance sheet.
Only if the two loans were "cross-collateralizied".
It probably doesn't make sense to answer this question without some larger context, but in general, yes; bringing current a loan in default is good for your credit and good for you.
Yep!
Yes, if you default on any loan it will affect your credit rating negatively.
Not if you are on the title to the vehicle and own it. Whoever holds the loan on the vehicle can repossess the car however if you are late with payments. Contact the lender and work something out. You do not want your car repossess. Credit will be ruined for 7 years, and you will still have to pay the repo fees plus the difference in the balance on the note and what the car brings when they sell it.
they will take your money and repossess your belongings