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.
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.
Only if the two loans were "cross-collateralizied".
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.
Yes, if you default on any loan it will affect your credit rating negatively.
Yep!
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.
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!
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.
they will take your money and repossess your belongings
The agreement for a credit default swap is a document that states the buyer will reimburse the holder in the event of a loan default or other credit event. This is essentially insurance against someone not paying you what you are owed.