| Does Credit Card Debt Go Away? Anyone Know? |
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sergruba
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| Does Credit Card Debt Go Away? Anyone Know? |
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Hullo. I need help on my debt situation. I total $53k on all my credit card debts and I have just lost my job so I don;t know if I can still be able to pay them, at least anytime soon. i want to know, does credit card debt go away? and how long would it take? i really can't make any payments on it right at the moment and it might take long before i can get a job again. Peace
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Tue Jul 06, 2010 8:09 pm |
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Newstockslive
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Yup different time for each state however you could also file bankrupt and wash it all away.... the result will be about the same on your credit.
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Thu Jul 08, 2010 2:18 am |
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Adria.John
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Debts dont go away by its own. You have to pay them and close them for ever. Well, the possible thing here you can do is ask your lender to extend the credit payoff time limit and mean while you can search for some new job.
Thanks
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Thu Jul 08, 2010 12:27 pm |
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debit.free
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Does Credit Card Debt Go Away? Anyone Know?
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Thu Jul 08, 2010 5:39 pm |
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Credit Money & Life
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Ok there is a such thing as statute of limitations that does change from state to state. There are bottom feeder collection companies that will try and still collect on it. In which you would send them a letter and at the time it falls off you would send a letter to credit agencies to take off report after that time period.
IMPORTANT PART
Depending on which state you live in you are at a very high risk that you will be sued for the debt. In which they will go for a Lein on your property or a judgement against you. For those of you who are reading this and working then they will more likely go for a garnishment of wages.
So if plan on working in the next on average 7-10 years(maybe 5 in few states) then this would not be an intelligent decision at all. You may need to just meet with a BK attorney.
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Thu Jul 08, 2010 7:21 pm |
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siestakey
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tht depends upon your laws declared by goveronment.......
also depend upon your credit card provider.....
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Fri Jul 09, 2010 6:10 am |
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FinTech
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| Does Credit Card Debt Just Go Away? No way |
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Run away fast from any form of debt settlement or debt consolidation program. You need to act quite soon since you will be unable to sustain monthly payments until you are again gainfully employed.
First of all traditional debt settlement has well over a 70% failure rate, mainly because they provide you no protection from the creditors. They offer to settle your debts for average of 50%, they charge you 15% of your debt as a fee, then you pay income tax on the cancelled debt. When all is said and done you are back to at least 85% of what you started with in costs out of pocket. What did that accomplish for you? All during that agonizing 4 or more year process your credit is in the tank, precluding you from moving on with any of your financial goals. That's a long time to be exposed to lawsuits.
In debt consolidation you are trading an unsecured credit card debt for a secured debt backed by an asset such as your home. That is the worst possible financial blunder ever offered in the credit industry. Could cost you your home.
Why not empower yourself with a unique program that enables you to pay off those accounts for 10 cents to 20 cents on the dollar? That's right 80% to 90% off on the balances your creditors say that you owe. You can be debt free in about 18 months, be protected from creditor liability lawsuits, saving you many thousands $$$ in out of pocket costs, no tax consequences and your credit will be restored at the end of the process. Do your research. Just Google "credit card debt resolution" or "zero credit card debt" and you will find the ultimate solution.
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Sat Jul 10, 2010 11:56 pm |
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Eric80
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well, I just do not understand how could you own so much and think it will go away easily?
get another job, pay it off, it will go away.
good luck
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Sun Jul 11, 2010 9:04 am |
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jacqui01canny
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The given article is quite interesting and it gave me very reliable and useful information.I like to read such valuable articles as it increase my knowledge. Thanks for your support.
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Sun Jul 11, 2010 3:46 pm |
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Stuartthomas
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Credit card debt does not go away on its own just like that. Simply ignoring it would actually lead you to more trouble--you will have to pay interest charges and late fees on top of the loan balance that you have. it will take some time (find a new job, pay back what you owe).
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Mon Jul 12, 2010 11:34 am |
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Adria.John
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| Re: reply |
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quote:
Originally posted by Stuartthomas
Credit card debt does not go away on its own just like that. Simply ignoring it would actually lead you to more trouble--you will have to pay interest charges and late fees on top of the loan balance that you have. it will take some time (find a new job, pay back what you owe).
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Thu Jul 15, 2010 7:46 am |
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Offshore-Wealth.com
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| Re: Does Credit Card Debt Go Away? Anyone Know? |
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quote:
Originally posted by sergruba
Hullo. I need help on my debt situation. I total $53k on all my credit card debts and I have just lost my job so I don;t know if I can still be able to pay them, at least anytime soon. i want to know, does credit card debt go away? and how long would it take? i really can't make any payments on it right at the moment and it might take long before i can get a job again. Peace
Good question,
No doubt, you are one of millions who are in the same situation, so although unemployed at the moment, there is unemployment available until state is bankrupt, which half already are, and with federal extensions, and they are already bankrupt, you may be able to negotiate smaller payments if you call banks and talk to supervisor. Banks know it is a write off and they technically don't lose anything on defaults, but you will have a ding on your credit for up to ten years.
With this same issue hitting multi-millions of people in this recession with unemployment at 10% plus in many areas of country, MI being worse at near 14%, these are tough times, and it is far from over if you read between the lines. If you can hang on with smaller payments, you credit will still be hit, but with the ever greater numbers disputing credit issues, I would say you can get these dings off your credit reports more quickly than the usual seven years. So with that in mind, don't file bankruptcy, that is near impossible to get off your record for ten years, so try an negotiate lower rates and payments until you find work again is my best advice.
Focus on your mortgage, rent or car, after all, you didn't create this economic meltdown, the gov. and banks did, so you have to take care of your self first and foremost. The stigma of bankruptcy is long gone given what we have seen with gov. bailouts of AIG, GM and with all bank failures of near 100 this year alone, this is not your fault, so do your research, and if banks don't want to help you, then you know what to do, make a ten dollar payment can often hold off wolves for a few months with many creditors, but they will still ding your credit for late payments up to 120 days on credit, but it may be better than judgement on your record which is also a ten year ding unless paid. On that note, if you get to that point and you are served judgement papers, post as I can offer you a strategy which will eliminate and stop judgements.
Gather all the ammunition you can to fight these banks who put us where we are, that is my best advice, there are strategies which are very effective at eliminating all debt, including mortgages, so do your due dilligence, it will amaze you to learn of your rights and how to stop creditors dead in their crooked tracks, especially with mortgages orignated by all the major lenders over past ten years, these are the easiest to have eliminated where you can own mortgage-free-homes, so do your research.
Success to all,
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Thu Jul 15, 2010 11:14 am |
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siestakey
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thts the depend upn on your goveroon ment rules and also depend upon rules of bank provider....
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Fri Jul 16, 2010 5:32 am |
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Allan Henry
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| Credit Card Debt Relief |
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If one uses the right service, he can also get help in reducing his debts. These services can help by requiring creditors to provide validation that their claims are legitimate. By doing this, one can gain the upper hand when dealing with a creditor, which can make negotiations go a bit smoother. Those working in this type of service are familiar with the many laws that can effect the various situations one may be facing. This can be of great benefit in helping one to get back on track. On the other hand, bankruptcy firms and lawyers generally only know the laws in regards to bankruptcy, which often is not sufficient.
There are many companies who say they can stop debt collection, but when selecting a company one needs to find a company that will work to help them in other ways as well. The company one selects to help assist them should help in decreasing your debt balances, provide protection to your assets and against legal actions. It should also help in eliminating monthly payments while allowing you to stay in control of your finances. When looking for such a company, read through the websites of those who offer these types of services, see how long they have been in business and what others are saying about them, this can help you in making sure you get a company that is reputable.
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Tue Mar 01, 2011 7:30 pm |
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GotCommonCents
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quote:
Originally posted by coaster
It depends on the laws in your state. Generally, a default recorded in your credit history scrolls off after seven years. That's seven years after last activity on the account, not seven years after the debt was accrued.
So, in legal terms, debt goes away. In ethical and moral terms it does not.
Do not do this lightly.
Something scrolling off your credit history has nothing to do with whether the debt goes away. It is still owed and can be collected even if it is no longer on the credit history.
It either needs to be settled in full, paid off in full, or bankrupted to go away.
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Fri Apr 01, 2011 10:03 pm |
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