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Would a credit card be considered an asset?
No. A credit card is not an asset, it is a liability because it is essentially money that you have borrowed from a bank, in other words, it's debt.
Is a credit card a secured loan?
No. A Credit Card is a simple form of a revolving loan with a limit but is typically not secured by any asset.
How long will credit card default affect your credit?
7 years, no more than 10.
What would be the implications of receiving a default notice on your credit card?
There are many implications of receiving a default notice on your credit card. These may include having to go to court or possibly even declaring bankruptcy.
What happens if i default into pay my credit card bill?
This could damage your credit score. It will be harder for you to get credit cards or loans in the future.
Would a credit card be considered an asset?
No. A credit card is not an asset, it is a liability because it is essentially money that you have borrowed from a bank, in other words, it's debt.
If you default on credit card payments can they take your car?
no
What is the notice of right to cure default for a credit card?
The notice of right to cure default for a credit card is a notification that informs the cardholder of a missed payment or default on their credit card account. It typically provides the cardholder with a specified period of time to make the overdue payment and bring the account up to date before further action is taken by the credit card issuer.
Is a credit card a secured loan?
No. A Credit Card is a simple form of a revolving loan with a limit but is typically not secured by any asset.
How long will credit card default affect your credit?
7 years, no more than 10.
What happens when you are in a nursing home and can longer pay your credit cards?
You will default on your credit card accounts. Being an unsecured loan, there is little a credit card company can do. That is a risk credit card companies take. Regardless of why you can't pay, non-payment will result in default. The extent to which a credit card company will attempt to collect depends on whether or not they feel you have sufficient income.
What is the statute of limitation on credit card debit default?
Limited edition.
What would be the implications of receiving a default notice on your credit card?
There are many implications of receiving a default notice on your credit card. These may include having to go to court or possibly even declaring bankruptcy.
What happens if i default into pay my credit card bill?
This could damage your credit score. It will be harder for you to get credit cards or loans in the future.
Where can one find information about high risk credit card processing?
High risk credit card processing is the generation of a credit card for someone with poor, or bad credit, and are likely to default on the debt. The site, highriskpay, has information about it.
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.
Would extra payments made on a credit card be an asset liability income or expense?
liability
