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concerned 2

Date: Sun, 05/22/2011 - 03:28

Submitted by anonymous
on Sun, 05/22/2011 - 03:28

Posts: 202330 Credits: [Donate]

Total Replies: 2


does credit card dept keep rissing up and up and accumlulating untill it is paid off ? is there ever a end to it ? does bankruptsy whip out your dept completly? what the pros and cons


FYI...dept. is short form for department. The word is debt.

Credit card debt does continue to accrue late fees and interest. If you are sued, the interest rate is set by your state.

Bankruptcy may wipe out your debt if you file chapter 7. With chapter 13, you pay back a portion of the debt thru a wage earner plan.


lrhall41

Submitted by SOAPLADY on Sun, 05/22/2011 - 12:43

( Posts: 17315 | Credits: )


Hi!
Welcome to the forums!

Yes, you are right. The credit card debt amount keeps on increasing till it is paid off. This is why it is better to repay credit card debt as early possible. It is advisable to eliminate the high interest cards first. After that you can start making payments on the other cards. You can completely wipe out the credit card debts. Check out the following link to know about some tips to repay credit card debt:
http://www.debtconsolidationcare.com/creditcardtips.html

Bankruptcy can help you repay your credit card debts under court intervention. The biggest advantage is, your creditors can't sue you once you have filed bankruptcy. However, bankruptcy drops your credit score by 200-250 points. It is also a costly affair. You'll need an attorney to file bankruptcy.


lrhall41

Submitted by Good Nelly on Sun, 05/22/2011 - 20:50

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