If you are in default on a credit card account, the credit card company can try to get a credit card debt judgment against you by filing a lawsuit. If the credit card company gets a judgment, it can use all sorts of collection methods against you to get paid.
If you fail to pay a credit card debt, you may get bombarded with calls and letters from companies that don’t appear to have anything to do with the credit card you originally used. As time goes by, you may be contacted by different companies telling you they are collecting the debt, servicing the
If you fall behind on or stop paying your credit cards, your credit card company has a right to file a lawsuit against you. You need to be aware of how and when a credit card lawsuit might happen and what your options are to defend against it.
Credit card companies may garnish (take) your wages just like most other creditors. However, in order to take part of your paycheck, the credit card company must first sue you in court and obtain a judgment.
If you fall behind on credit card payments, your state's laws give the credit card company a limited amount of time to sue you for the balance. This is called the statute of limitations (SOL). However, credit card companies are finding ways around state SOLs. One way they do this is adding fine print
When a person dies, his or her credit card debt is not automatically wiped out. Whether a credit card company can recover its debt depends on state law, the amount of property in the decedent’s estate, and if anyone else cosigned the obligation. Read on to learn more about what happens to credit card debt after death.
Most states (called common law states) use common law rules when determining who is liable for a particular debt in a marriage. In common law states, you are usually only liable for credit card debt if the obligation is in your name.
Credit cards can be a helpful way to purchase both luxury items and the everyday necessities. However, without careful oversight, credit card debt can accumulate quickly. Some credit cards have high credit limits, but the interest that accrues on those credit cards can make it very difficult to pay off the debt.
It is often possible to negotiate terms, interest rates, and payments on credit card debt. You can also try to negotiate a settlement of the amount you owe. The steps you take and the options available will depend on your situation and on the credit card company that you are dealing with.
If you're trying to free yourself from the burden of credit card debt, you have a number of options available. If you lack the means to pay the debt in full over a reasonable period of time but are unable or unwilling to file bankruptcy, debt settlement may be an option.
If you fail to make payments on your credit card, the credit card company may declare your debt uncollectable. This is referred to as a credit card debt write-off (also called a credit card charge-off).
If you are having trouble paying your bills, you might be able to get your credit card company to discount your debt. Credit card companies often agree to a lump sum discounted payment, a lower interest rate, or another type of special payment plan. Contact the credit card company before or very soon