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What else can I help you with?
How long does a company have to inform a cosigner that the borrower is in default in payment?
It is their legal right to never inform you and simply allow your credit deteriorate. It is your job as the cosigner to make sure the contract is up-to-date.
How does the credit card refund process work?
Many credit card companies have in their terms that they have the right to take 3 to 4 weeks to credit your account with a refunded amount. So the merchant may have processed the refund but your credit card company will take 3 - 4 weeks to accept it. This is so they can hit you with balance charges.
Are credit cards money?
Credit cards are not money; they are money lent to you from a company. You, the average consumer, is called the 'borrower'. When shopping for a credit card, be sure to find one that's right for you. Don't get a high minimum if you won't be able to pay it if you happen to use all the borrowed money (ie if you earn $15,000 a year, don't get a credit card with a $50,000 limit; you'll drown in fees, interest rates and payments). Check this link out about what credit cards are right for you: http://www.americanfinancialfreedom.org/credit-cards/default.aspx
After you pay the collection agency the negotiated credit card debt settlement amount can the creditor still chase you for the balance of the credit card debt later?
Yes, unfortunately a negotiated settlement does not legally satisfy a debt. I would recommend that you request a letter from the creditor stating that the debt has been satisfied and make sure to submit that to the 3 credit bureaus as proof of fulfillment of collection. that is right, i settled a debt and they still have the balance on my credit report. I called the collectors (citi bank) and they told me i can go and dispute it
What are the best zero interest on balance transfers credit cards available on the market?
Oh, dude, you're really into those credit card perks, huh? Well, like, the best zero interest on balance transfers credit cards are usually offered by big banks like Chase, Citi, or Discover. But hey, remember, always read the fine print before you go swiping that plastic like there's no tomorrow.
How long does a company have to inform a cosigner that the borrower is in default in payment?
It is their legal right to never inform you and simply allow your credit deteriorate. It is your job as the cosigner to make sure the contract is up-to-date.
What is the difference between debit balance and credit balance?
This is really not as simple as writing debit balance is or credit balance is:In accounting Debit literally means the left side and credit means the right side. The difference between a debit balance "account" and a credit balance "account" is:Debit balance accounts increase with a debit and decrease with a creditCredit balance accounts increase with a credit and decrease with a debitAssets maintain a debit balanceLiabilities and Owners Equity maintain a credit balanceThe above answer refers to accounting, however, I noticed that you also put this in Credit and Debit cards: using a bank debit or credit card is the opposite of the view you see doing accounting.On a Credit card statement for example, a credit balance would mean that the credit card company is "crediting" you with a certain amount, meaning you do not owe that amount anymore. A debit would be a rise in the balance you "owe them".
Does owners equity account balances in the credit side?
Yes. Owner's Equity is a credit and typically displays on the right side of a balance sheet.
How to write off account payable?
You can right off accounts payable by either: -Paying the balance, -Entering a credit memo against the open balance.
Why liability on left and asset on right?
This is inaccurate, neither liability nor assets dictate right or left of anything. However, if you are speaking of the Balance Sheet (one of many examples), Assets are actually listed on the Left Column (as they maintain a Debit Balance) while liabilities will be listed in the Right Column (as they maintain a Credit Balance) To decide where the entry goes remember what Debit and Credit actually mean. Debit literally means Left Column or Left side, while Credit is just the opposite and means Right Column or Right Side. Because Assets maintain a Debit Balance, all entries that increase the asset will be listed in the "left" column, while all entries that will decrease the asset will be listed in the "right" column. For example, you purchase Supplies for $1,000 using CASH. Your entries will increase Supplies with a debit and decrease cash with a credit. Supplies (dr) $1,000 (left side) Cash (cr) $1,000 (right side) It is just the opposite for Liabilities, as they maintain a Credit balance. Take the same transaction above but instead of paying cash you purchase the $1,000 in supplies on Credit, this gives you a liability (something you owe) You will still increase your asset of supplies with a debit, but this time you will Credit your Account Payable.
What is accounting equation?
Assets - Liabilities = Capital Also expressible as Assets = Capital + Liabilities. The accounting equation can be extended to include the Income and Expense accounts: Assets + Expenses = Capital + Liabilities + Income. With the accounting equation specified in the second and extended versions above, those on the left of the equals [normally] have left hand side of a T-account balance, ie a Debit balance; and those on the right [normally] have a right hand side of a T-account balance, ie a Credit balance. eg office furniture is an asset and has a debit balance; a bank loan is a liability and has a credit balance.
How does the credit card refund process work?
Many credit card companies have in their terms that they have the right to take 3 to 4 weeks to credit your account with a refunded amount. So the merchant may have processed the refund but your credit card company will take 3 - 4 weeks to accept it. This is so they can hit you with balance charges.
What is optimal credit policy?
Optimal credit policy involves finding the right balance between extending credit to attract customers and minimizing the risk of non-payment. It includes setting credit limits based on customer creditworthiness, monitoring outstanding balances, and implementing effective collections procedures. The goal is to increase sales while managing credit risk effectively.
Can liabilities balance as either debit or credit?
Liabilities typically carry a credit balance, meaning they are recorded on the right side of a balance sheet. When a liability increases, it is credited, and when it decreases, it is debited. However, in specific accounting scenarios, such as adjusting entries or error corrections, you might see debits temporarily affecting liability accounts. Overall, liabilities primarily function as credits in standard accounting practices.
How much does it cost a merchandiser to run a credit card?
Credit card equipment is very expensive. Having a credit card terminal can cost anywhere for $150-700. Or a company can lease one for $20 a month if they are able to find the right deal.Signs at stores that state a minimum balance is because the merchandiser has to pay a fee for processing credit cards.
What does the word credit mean in terms of accounting?
The word "credit" is part of the equation of double-entry bookkeeping. In order for bookkeeping entries to balance, there must always be a debit (left side, abbreviated by "dr") and credit (right side, abbreviated by "cr") entry that equal one another. For example, to record a Office Supply Store purchase (on account ~ a payable), the entry would be: Office Supplies Exp $500.00(dr) Accounts Payable $500.00(cr) If an entry does not balance the totals for debits and credits, your books will be out of balance.
Are credit cards money?
Credit cards are not money; they are money lent to you from a company. You, the average consumer, is called the 'borrower'. When shopping for a credit card, be sure to find one that's right for you. Don't get a high minimum if you won't be able to pay it if you happen to use all the borrowed money (ie if you earn $15,000 a year, don't get a credit card with a $50,000 limit; you'll drown in fees, interest rates and payments). Check this link out about what credit cards are right for you: http://www.americanfinancialfreedom.org/credit-cards/default.aspx
