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Debt, Collections and Credit Card Question
Q: I have some bills that need payed off and I have one credit card. My question is if I go or contact a Credit counselor or Debt help business(Careone credit,debt relief agency) will they freeze my credit card account or put it on hold? My debt situation is not bad, but I've heard that if you seek help through a business that specializes in credit card debt or collections, they will freeze all of your credit cards. I am slowly building up my credit and I would hate to have them take my card away. Is this true? Any one that has or has had this problem or knows the facts please let me know some options.....Thanks!!!!

A: Uually use a CC or Debt business when your bills are too much for you to take care of; and in that case, the last thing you need to do is keep charging; and in many cases, they will contact the CC company to get interest charges adjusted. In all of these cases, you'll probably use the use of the card

Q: What can Creditors do to Collect Credit Card Debt?
Details:
First I just want to say that I made a very big mistake in trying to save a business & jobs of my employees by using all my credit card limits. I now have insurmoutable debt & now I lost my biz. This is all credit debt...I have no real hope in paying it back. I am trying to rebuild my life.I sold EVERYTHING I own to pay off as much debt as possible. I own a 150k home which has 35k in equity in it.I am struggling to keep it, and I am only surviving by help from relatives for food and transportation while I look for work.I am over 90 days late on these credit cards, one is 28k. They are threatning me with a "lawsuit". Please someone tell me what can they ACTUALLY do to me??? I have no job, no assets (other then the 35k of equity), no furniture and I am at an age (50) that I cannot afford to loose what little I have left in my home. I do not want to claim Bankruptcy. If I simply default and not pay, can they sieze or put a lien on my home?

A: If your creditors know that you own your home, they will immediately file in Court so that a "Certificate of Pending Litigation" is placed on your title (in BC, your province may have different wording).

When the time comes to renew your mortgage, your lender cannot give you a renewal with the outstanding debt on your title. When you renew a mortgage, they remove their old mortgage from your title and replace it with a new one. If each of your creditors has placed a "CPL" on your title behind your original mortage, your new mortgage is placed under the "CPL's" . Since your debt exceeds your equity, there would be no way for the mortgage to be secured. You lose your lender, and they demand payment of your mortgage in full. No lender will give you a mortgage.

You need to speak to a Trustee in Bankruptcy. They have options other than bankruptcy. However, based on your debt/no income, bankruptcy really is your only option. Check the yellow pages for a trustee. You have no other choice. If you do nothing, you will not only lose your home, but all of your future assets as well. Bankruptcy is just a word. In your case, it really is the one that matters.

Q: Is having credit card debt okay as long as you can pay it off?
Details:
I have about $5 grand of credit card debt now which can be brought down to 0, in less than a year, depending on how much I really want to pay it off. However, is carrying large amounts of debt (even if you CAN pay it off) bad? I don't see how. Isn't that the entire BUSINESS of credit cards anyways?

To allow you to buy now and pay later? Don't they make money off of interest percentages? I don't see how this is bad for your total credit score, as long as you keep paying the monthly minimum or more.

Also, lets say you DO have a $5G balance on one card, with an APR of lets say 13%. guess what? That means that every month you're ONLY going to accumulate $50 worth of interest. and compared to 5 grand, that's nothing. and if you keep making payments, and slash that in half, the interest will be lower, as it's calculated on the balance you have.

SO, I don't see how credit cards are evil and how this system is god awful, if we pay interest on other loans as well, car/school.

A: If you have good credit and a decent income....apply for a new card that will give you a 0% balance transfer....I balanced transfered $5K in debt from a card charging 18% to a fixed 0% for two years....I've saved over $1K in interest charges. This enabled me to pay the debt off in installments without interest charges.

Low-interest/zero-interest balance transfers are the best friend of consumers with good credit