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What is the best way to get out of credit card debt?
The typical consumer has access to approximately $19,000 on all credit cards combined." If you're someone who has an unwanted credit card balance, there are ways to get out of credit card debt but you must first make the decision to stop using your cards and begin attacking the balances.
Do you think average Americans can make it without a credit card?
They can make do with cash only. It is a matter of budgeting. More and more people are cutting up their credit cards to avoid getting into debt. However, there are certain things that make it almost impossible to do without a credit card. Renting a car is probably the biggest challenge.
What are the causes of the debt crisis?
Government interference in the free enterprise mortgage market. Putting pressure on banks to issue mortgages to unqualified buyers, starting with the Carter Administration and greatly expanded during the Clinton Administration. Many people spending more than they make thinking because they have credit cards and checks they have money.
How do you solve the global crisis gas crisis energy crisis and economic crisis?
While there are some things you can do to make it better for yourself and your family, like limiting gas usage, using less energy, budgeting your money, throwing away credit cards, and making a real effort to get out of debt, real solutions have to come from those in control, like the government. Without responsible decisions made by those in control, real solutions are not possible. The first thing they could do is to stop heaping more and more debt on the country.
What are disadvantages and advantages of a credit economy?
Advantages: People can buy what they want without having the money right at that time. Banks and businesses make interest on the payments. Credit cards can help in an emergency. Disadvantages: People can get into too much debt and not be able to pay. People can lose their jobs or get laid off, resulting in them not being able to pay. Too many people not being able to pay at the same time, like during a recession or depression, could have more far-reaching effects on a country's economy.
Which credit cards are secured?
Secured credit cards require that you supply a cash deposit as collateral that becomes the actual line of credit. When first establishing credit or reestablishing credit secured credit cards are an excellent method to use and most banks will be able to provide information on the secured credit cards they offer.
What is credit cards are considered?
unsecured debt
How can you rebuild bad credit?
Simple, Pay up bad debt and start applying for secured credit cards. Bank of America offers secured cards and so does First Prenmier bank.
Are credit cards allowed to be claimed in Bankruptsy?
Yes, credit cards are considered debt also.
If your wages are garnished for a credit card debt do you list it as a secured debt when filing bankruptcy?
No, credit card debt is always considered "unsecured" regardless of what legal action may have been implemented in the collection of monies owed,
Is payroll considered a secured debt in Florida?
No...what could it possibly be secured to or by?
Are American Express Cards allowed to be claimed in Bankruptcy?
Yes, all credit cards are considered debt no matter what the name of the card is.
Why is credit card debt often considered to be the most dangerous type of debt for consumers?
credit cards charge very high interest rates and their use tends to be habit-forming
Why is credit card debt often considered to be the most dangerous type of debt to consume?
credit cards charge very high interest rates and their use tends to be habit-forming
Do you pay on debt with credit cards?
no you go into a deeper debt with credit cards. creadit cards are not money. you BORROW the money and they want it back really quick.
What is the difference between a 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.
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.
