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Is it true that enforcing some little-known law can zero out your credit card debt?
Wiki User
∙ 19y ago
Wouldn't that be nice? But, if it were true, then how would any credit card company get paid their money? What is true is that there are scams out there wherein people are trying to avoid their legally incurred liabilities through various means. Some of these, if not illegal, are borderline illegal and certainly it's just a matter of time before laws are passed which close this (possible) loophole. Even if there were some legal way to avoid paying what you owe; life has a way of evening out the scales of justice one way or another. We cannot avoid the consequences of our behavior. That is impossible. All those old cliches are true. You don't get something for nothing. You gotta pay what you owe. It is often less expensive and easier in the long run to own up and pay up without trying to duck and Dodge.
Wiki User
∙ 19y ago
No, this is not true. Credit card debt cannot be eliminated by enforcing a little-known law. Debt can typically only be resolved through negotiation with creditors, debt repayment plans, or in some cases, bankruptcy. It's important to be cautious of any claims that suggest a simple solution to eliminating debt.
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When someone goes to prison what happens to his credit card debt?
The individual would still be responsible for their credit card debt, but their ability to make payments may be impacted while in prison. The debt will not disappear, and the credit card company may pursue collection efforts or legal action to recover the debt.
What is the law for credit card debt?
Credit card debt laws vary by country, but generally, individuals are legally obligated to repay the full amount owed to the credit card issuer. Failure to repay can result in collection actions, lawsuits, and damage to credit scores. It's important to understand your rights and obligations regarding credit card debt under the laws of your jurisdiction.
In Canadian Law am I responsible for my spouse's credit card debt?
In general, you are not responsible for your spouse's credit card debt in Canada unless you have jointly signed for the debt or benefited from the purchases made with the card. It is always advisable to seek legal advice tailored to your specific situation.
Can credit card debt collectors go after your social security check?
Credit card debt collectors typically cannot go after your Social Security check to collect the debt. Social Security benefits are protected from most types of debt collection, including credit card debt, under federal law. However, if you co-mingle Social Security funds with other money that is not protected, it may become harder to prove which funds are exempt.
Can a sheriff sale be held to repay credit card debt in the state of Pennsylvania?
No, a sheriff sale in Pennsylvania cannot be held to repay credit card debt. Sheriff sales are typically used to sell foreclosed properties to repay mortgage debt, unpaid taxes, or certain government liens. Credit card debt would be resolved through a different legal process, such as debt collection or civil court action.
What is the difference between a debt card and a credit card?
The diffference between a debt card and a credit card is ,in a debt card it's money from your account .In a credit card is when you borrow money from the bank.
Where can I get advice on credit card debt solutions?
I am so in debt and I am worried about paying my credit cards. Where can I get advice on credit card debt solutions?
Could You Get Garnished For A 1900 Credit Card Debt?
There were no credit cards in 1900, hence no credit card debt.
When are you in credit card debt?
A person is in credit card debt when they have charges on their credit card and can not pay them. A person can make charges on a credit card and make payments at a later date. When a person charges on their credit card, the charge is now a debt that must be paid.
Is an additional credit card holder liable for the whole debt on the credit card account?
ia an additional credit card holder liable for the whole debt of the credit card account
Who is responsible for outstanding credit card debt if bank cancels your credit card?
You are because you incurred the debt.
What type of services does 800 Credit Card Dept offer?
800 Credit Card Debt helps you consolidate all of your credit card debt into one monthly payment. They do this by contacting your credit card debt companies and negotiating a payment for you.
Is paying off your credit card bad?
Only if you OWN the credit card company. Credit card debt is a silent killer. Make the choice to carry ZERO credit card debt.
Is an authorized credit card user responsible for credit card debt if the primary card holder declares bankruptcy?
No. The card holder is responsible for all debt on the credit they extended to him. (You may be responsible to the credit card holder for the debt he incurred for you, if that was your agreement).
What is the definition of credit card debt?
Credit card debt occurs when a consumer uses their credit card in excess and are unable to pay the bill. Often times the consumers has more than one credit card and they use them all and get into more debt.
How is getting out of credit card debt possible?
There are companies that offer assistance with getting out of credit card debt. It is possible to get out of credit card debt by carefully watching spending and managing income and expenses, then slowly paying off the debt.
Can you get out of credit card debt?
Yes, you can. Simply pay the credit card company what they are owed, or have the debt written off.
