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If the account(s) are joint then the other account holder's become responsible for the debt. If the account is held by only one person and that person is unmarried the debt solely belongs to the account holder.

Married couples residing in community property states are accountable for debts equally regardless of which spouse incurred the debt during the marriage. Married couples residing in non-community property states are only responsible for debts that are jointly incurred during the marriage.

Debts belonging to an individual are included in the deceased's estate along with any nonexempt assets. The assets and debts are then handled according to the state probate laws.

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โˆ™ 2013-03-31 12:39:15
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Q: What happens to credit card debt once you die?
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What happens to consumer debt once dropped from a credit report?

They die

What is the Statute of Limitation period for a credit card debt in Ontario?

For a written agreement; which involves a credit card debt is 4 yours from the date of last activity or last payment. Once this expires, the debtor can no longer collect on this debt, or sue you for this debt.

What is the Difference Between a consumer credit card and a secured credit card?

A consumer credit card is issued to you on good faith that you will build debt and pay it off. A secured credit card is issued to you for the amount that you deposit into a secured savings account. The debt you charge to your card cannot exceed the amount that you have in your account. Once you show good faith that you are responsible enough to maintain your credit to debt ratio and pay your bills on time, the company may offer you a consumer card in place of the secured card. A secured credit card is a great way to establish credit.

Can the bank you have a second mortgage with and a credit card with attach that credit card to your second mortgage after a person is deceased?

Once a person is deceased all debt is completely erased from that person's credit. If they own a home and do not have a will nor a co-signer of the home loan the government will take over the ownership of that home. If they have credit card debt, the debt is forgiven and no longer in existense.

Can you still use credit card after doing the debt counseling?

Once you are enrolled in a debt counseling program, using your credit cards is no longer an option. Credit cards are an easy way to mount up your debt situation. One of the principles in debt counseling is not incurring new debts. You cannot use your credit cards when you are undergoing debt counseling. You will also need to cancel your credit card insurance.

What is the credit limit of credit card?

A credit limit is the maximum amount of credit that a lender will extend to a debtor for a particular tradeline. For example, it is the most that a credit card company will allow a card holder to take out at once on a card.This limit is based on a variety of factors ranging from an individual's ability to make interest payments, an organization's cashflow and/or ability to repay the credit card debt.

Does Tennessee allow credit card garnishment?

A person's wages can not be garnished unless a judgment is obtained in court against that person. People get sued all the time for credit card debt. Once the credit card company gets a judgment, then they can garnish wages.

What should you pay off first a credit card or a collections debt?

Your credit card because once you pay it off, the collection agency would quit annoying you all the time. They would be satisfied because they will get a part of the money you pay to your credit card. :)

Who is responsible for credit card debt after death in NJ?

The estate has the responsibility to settle all debts including credit cards. Once that is done, the remainder can be distributed.

What is the difference between a student credit card and a regular credit card?

Assuming the student credit card is a standard issue bank credit card and not issued solely through the school, there is no difference. A credit card company might advertise to student with special introductory rates or with a spin that targets that demographic, but in the end a credit card is a credit card. Incidentally, credit card debt among college students is the fasted growing segment of debt. Credit card companies aggressively seek students who are too young or inexperienced to realize that once introductory specials have expired and the "freedom" of buying pizza on credit has worn off, they're responsible for large sums of money that accrue interest.

How do you pay of credit card debt?

The best way of approaching credit card debt is by consolidating all your credit card debt (assuming you have more than one credit card) into one account. This will obviously need to be approved by your creditors before you can follow this approach. This makes it much easier to manage payments as you will only need to make one payment to one specific account once a month or as agreed upon. Consolidating debt could also ensure a lower monthly premium although this depends on the financial situation you are in.

Once you have completely paid off credit card debt should you throw away your credit cards or will this mess with your credit?

If you feel it absolutely necessary to "throw your card(s) away" after paying them off, I suggest to just cut the card, and toss. However, DO NOT, DO NOT close your credit card account! Why, you may ask . . . one of the things that effects your FICO score is your credit history with the credit card company. Another factor is the debt ratio. For instance, if you have a $2000 credit limit, and you have no balance on your card, that will positively affect your FICO score. But, on the same token, if you have a $2000 credit limit, with a $1500 balance on the card, that will reduce your FICO score.

In a credit card debt settlement what does it affect and what is reported to the credit bureau?

ANSWER: Settling on card card debt should be the last option to take. Unless you write a "Restrictive Endorsement" "By cashing this check Payee agrees to accept this check in full payment of the account as agreed and agrees to remove all derogatory information from Remitter's Credit Reports" on the front of your check, as proof on your bank statement, you will receive a derogatory item on your credit report. Your credit report will state you settled in an amount of less than full. ANSWER: {| |- | In any debt settlement program you are made to default on your repayment for a certain time and then your debt amount is negotiated with your creditor which does show in your credit report. You can rebuild your credit later once you are debt free. Freedom Debt Relief has a good plan called 'debt reduction' which can help you in reducing your debt levels and become debt free in the earliest possible time. They even give help you with credit repair once you are done with the program. |}

Get Rid of Your Credit Card Debt?

If you have credit card debt, here are some steps you can take: Stop using the credit card immediately. Cut it up. Pay more than the minimum payment each month. If you have debt on more than one credit card, pay off the one with the higher interest rate first, while still paying the minimum on the other. When the first is paid off, add that amount to the payment on the next to pay it off faster. Once your debt is paid off, endeavor to charge only those amounts that you can pay each month.

If the statute of limitation in Michigan is 6 years-is it 6 years from the last payment you have made on a credit card.?

Yes, 6 years is the SOL on credit card debt in Michigan. It is not only the last payment made on the card. If you made a charge on the card after the payment then it would be after that. Basically the SOL clock starts ticking when the last activity was made on the card by YOU - not the credit card company. Once that period is up, you can no longer legally be sued for the debt. Although some collection agencies will try it. Learn your debt collection rights by reading up on the FDCPA.

Can you still talk to the credit card company directly for paying off an unpaid debt or do you have to talk to the debt collection company?

Once the debt. has been charged off and sold to a outside collection source you must talk to them.

What credit cards offer zero interest?

Credit cards that offer zero interest are those that are part of credit card plans. Plans can only be achieved once a customer has demonstrated he or she can pay the credit and remain debt-free.

Can you re-open a credit card once closed?

Credit card companies will not reopen a credit card account once it has been closed. The company will issue a new credit card and new account if it wishes to do business with the person.

Will paying a charged off credit card debt to an outside collection agency help your credit rating?

No, not unless you pay the full required payments without default, which is the same as paying for the card normally. Once you default on a payment your credit rating starts to drop.

What are some appropriate uses of credit cards?

When using a credit card, its important you use it properly. (check this link out: build good credit, I recommend using the credit card to make large payments (ie furniture, bills) or items you can pay back immediately. This is crucial! You absolutely do not want to go into debt to a credit card-- interest rates, credit line fees, etc pile up quickly and will drown you.Be responsible, when yo use your credit card, pay it off immediately. If you do have debt on your credit card and can't pay it all off at once, try to pay MORE than the monthly minimum.

How many credit cards can you have with one issuer?

Generally, there are no limits, but once your debt to income ratio gets to high, all issuers my deny you. I have 4 credit card through one issuer.

Does Delaware allow wage garnishment from credit card companies?

Yes. This is a contract account. As such, once the creditor has obtained a judgment, they have a variety of means of collecting the debt.

Lowering A Credit Card Payment?

Lowering credit card payments can help save money every month. This can be an important step in controlling expenses for a household. One of the first steps in lowering credit card payments is to call the issuing credit card company and ask for the interest rates to be lowered. Lower interest rates can mean lower monthly payments on accumulated credit card debt. Many times credit card companies will lower interest rates after a number of payments have been made on time to reward long term customers. Once rates have been lowered it is important to not continue to accumulate new debt.

How to Pay Off Credit Card Debt?

If you're looking for a way to pay off your credit card debt, there are two steps. First, pay at least a few dollars extra on your smallest balance. This will cut down your interest and more of the payment will go to reducing the balance. The second step is taking the full payment once that credit card is paid off and applying it to the next lowest card balance. This will increase the amount that is paid each month on the balance and get it paid off sooner. Continue to do this until all of your debt is paid.

If a third party purchased your credit card debt and sends a letter asking if you are the debtor should you answer yes and then proceed the discussion with the third party or keep unanswered?

If you are planning on paying the debt then let them know it is you and negotiate to have it removed from your credit report once its paid. If you dont plan on paying the debt then it will stay on your credit report for seven years regardless of whether you answer that letter.