I have a lot of credit card debt close to $50000 from my business. What are some ways to clean this

My business is still in the growth stage but we have racked up debt close to $50000 that is sitting on my personal credit cards. Should I transfer that debt to a large credit line under my company name? Will that alleviate the stress on my personal credit debt? or will that not matter because it is still my corporation? Any assistance with this matter is appreciated. I only hope to clear these debts sooner than later..Thanks

I have a lot of credit card debt close to $50000 from my business. What are some ways to clean this up?

The best way to consolidate your credit card debts or any other high interest debts is using a home equity loan. Of cause, you need to own a home in order to apply for a home equity loan. Home equity is ideal for you to consolidate your credit card debts because the interest is much lower interest rate than credit card and other unsecured loan. And the best part is it normaly have different terms or repayment periods for you to choose from. The longer the repayment terms, the lower the monthly payment is. If your current financial is tight, you could choose the longer repayment term and pay more when you are at better financial situation.

With a home equity loan, your equity works as the collateral. If your home equity is $50,000, you could obtain a loan up to this amount. You could use this home equity loan to clear up all your credit card balances plus other loans; and you just need to focus on making a single monthly payment to your home equity loan.

Some Caution On Using Home Equity Loan To Consolidate Your Debts

Although consolidate all your credit card debts with a home equity loan is an ideal way to settle your high interest rate outstanding debt. You should use the fund wise, borrow just what need to clear your consolidated debts and avoid accumulating new debts while working on clearing your home equity loan. Failure to repay a home equity loan will result in losing your home. Read more from: http://www.credit-card-gallery.com/conso...

I have a lot of credit card debt close to $50000 from my business. What are some ways to clean this up?

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I have a lot of credit card debt close to $50000 from my business. What are some ways to clean this up?

well If your corporation can qualify for a credit line i would consider moving that debt over to your corporation, because it will protect your personal assets from being affected in the event your cant pay the debt. Also I would seek to advise of a financial planner and tax consultant to help find ways other ways to handle the debt.

What does default on credit card debt mean? do i still get charged intrest & extras in default o

Sometimes i get letters from credit card debt angencies saying i owe the same balance that i had for 6 years, but sometimes shows more balance with intrestest but only one letter said this, the rest all had same balances which were 6 years ago when i was in debt of 鎷?,000, but one letter said 鎷?,000, i have not replied or ever gotten back to the debt credit card collectors, agencies etc, so whats going on, does default mean no intrest charges?

What does default on credit card debt mean? do i still get charged intrest %26amp; extras in default of payments?

Like I%26#039;ve already told you, you just wait until they finally catch up with you and you%26#039;re in for the surprise of your life! %26quot;Interest%26quot; won%26#039;t come into it ! ! !

What does default on credit card debt mean? do i still get charged intrest %26amp; extras in default of payments?

I don%26#039;t know what to say but I think I will recommend to you the debit card I am using which is very affordable and they will not cut a large money on your account. The maximum payment in that card is $1.00. If you are interested email me at algie123258@yahoo.com

What does default on credit card debt mean? do i still get charged intrest %26amp; extras in default of payments?

If you defaulted on a payment and they closed your account you still owe the money. If you paid the debt off and are still getting calls from collection agencies you have the Fair Debt Collections Practises Act on your side. Under this consumer law you can send a letter to the collection agency asking them to cease and desist collection efforts. They have one more phone call to you to acknowledge your request. Say thanks have a good day and hang up. Don%26#039;t talk about anything else or it opens up the door for them to come at you again. If you have not paid the debt make some payments to the original creditor and document them. A great book on this topic is %26quot;How to Get Out of Debt, Stay Out of Debt and Live Prosperously%26quot; by Gerald Mundis. (spelling may be with a J on his first name) It helped me tremendously with my credit cards.

What does default on credit card debt mean? do i still get charged intrest %26amp; extras in default of payments?

www.creditinfocenter.com

buddhibbs.com

What does default on credit card debt mean? do i still get charged intrest %26amp; extras in default of payments?

Do not ignore letters from agencies,your debt could be mounting, for your own sake get it sorted.

What does default on credit card debt mean? do i still get charged intrest %26amp; extras in default of payments?

look wake up and smell the roses -- you owe the money -- strongly and i mean strongly suggest you answer these letters and get off your butt and pay this off!!!

Credit card debt: Pay with stocks/profit sharing?

Unfortanely, I have racked up credit card bills. I am roughly $6,000 in debt. I do have money going into my 401k, stock and other funds monthly. I am wondering if I should sell stock to pay off my credit card debt. I may be leaving my current company and could also take my profit sharing money versus rolling it over. I know I will have tax/fees with doing either of these. Doing one or the other would pretty much cover almost all of the credit card debt. Currently I make the minimum monthly payment on my credit card. Sometimes a little over. The interst rate is apprx. 12%. I wonder if using the stock or profit sharing would be wise or not. Once the credit card is paid I can stick the monthly credit card amount into savings or my 401k. What is the best thing to do? I had racked up credit card bills do to a medical situation and a few emergencies. All is good again and I want to be debt free. Any advice? Thanks.

Credit card debt: Pay with stocks/profit sharing?

I would not suggest it. Whatever funds you take out of a retirement account, will get slammed with back income tax, plus a 10% penalty. So taking $10,000 out would cost around 3,500-$4000. [1,000 penalty, and then $2500-$3000 in income tax (assuming 25-30% bracket)].

Credit card debt: Pay with stocks/profit sharing?

Eventually you will have to pay taxes on the money in your 401K no matter what so that in itself, should not be an issue. If you want to pay off your cards and have access to the money to do it I would highly recommend doing so. The credit cards will cost you more than taxes in the long run. If you choose to do that you should also destroy the cards, at least all but one and save that for EXTREME emergency. You can live without credit cards believe me.

Credit card debt: Pay with stocks/profit sharing?

dont touch the 401k. Sell the stock. Pay the cards. Cut em up and cancel em. Start piling cash in the bank for emergencies.

My daddy got sued for an unpaid debt credit card that wasn't his. What should he do?

well a couple of months ago my daddy receive a letter from the credit card company demanding him to pay the credit card debt but the account number on the letter didn%26#039;t match with his numbers. So he called the number on the letter but they said they cant do anything about and tell him to mail a letter to the address stating on the letter. Later, he mailed the letter to them . Now he found out that they%26#039;re sued him for the unpaid debt.

Help plz?

My daddy got sued for an unpaid debt credit card that wasn%26#039;t his. What should he do?

He will have to answer the suit. He can then file a counter suit for malicious prosecution, attempted fraud, attempted extortion, negligence...

My daddy got sued for an unpaid debt credit card that wasn%26#039;t his. What should he do?

Talk to a lawyer...

My daddy got sued for an unpaid debt credit card that wasn%26#039;t his. What should he do?

He should defend against the law suit. The credit card company has no reason to simply take his word for it and is entitled to have the dispute settled by a court.

My daddy got sued for an unpaid debt credit card that wasn%26#039;t his. What should he do?

There is a lot of useful and intresting information here to help answer your quetion.http://debt-consolidation.featured-resou...

Which credit card debt should I pay first?

First of all, I want everyone to know that I know I should not carry a balance on my credit cards at all, so let%26#039;s just get that out of the way. I have about $1,200 to pay towards my credit card debt and would like to know which cards I should focus paying first to best improve my credit score. I have heard you should pay the one with the highest APR first, or pay all down to below 30% of used credit, but I just want to know which will improve my score the most so that I can factor that in when making my decision.

Here%26#039;s what I got:

Credit Card 1: $450 balance; Credit Limit of $500 (APR 14%)

Credit Card 2: $480 balance; Credit Limit of $500 (16%)

Credit Card 3: $1,100 balance; Credit Limit of $1,200 (21%)

I could pay off C.C. #1 and #2 completely, or pay off C.C. #3 completely and pay the other ones about $100 to pay them down, or, should I just pay some to each one? Psycologically, I would feel I accomplished more by paying at least one off completely. What do you think?

Which credit card debt should I pay first?

There are 2 schools of thought. One says that you pay off the one with the highest interest rate. This is the more traditional approach because that is the card that is costing you the most money in interest. Then you would have more money to pay each month on the other two smaller amounts.

The other school of thought says to pay off the two smaller ones, but still pay the same amount you were spending on CC payments to the 3rd one. Example, if you were paying $50 on CC 1, $50 on CC 2, and $75 on CC 3, then pay off CC 1 and CC 2, and put $175 on CC 3 every month.

Of course, you could still pay off CC 3 and put $125 on CC 2 and $50 on CC 1, then once CC 2 is paid off, put $175 on CC 1. It wouldn%26#039;t take you long to be debt free at this rate.

Which credit card debt should I pay first?

I think you should pay of #%26#039;s 1%26amp;2.

If you have anything left over for them put alittle into #3.

Which credit card debt should I pay first?

Pay down the card with the highest interest rate, in this case CC 3. Put the extra $100 to CC B.

Which credit card debt should I pay first?

Don%26#039;t pay them. The government can%26#039;t do anything to you.

Which credit card debt should I pay first?

i think you should pay the credit card first because if you don%26#039;t you Will end up with debt and they Will have to cancel your card but debt is better then credit cards because you can only spend with you used and you don%26#039;t have to worry about going over the you balance

Which credit card debt should I pay first?

Pay off the damned 21%. Close that account.

Then use that old payment to apply to 16%.

BUT, be sure you are paying more than minimum on the other two, even if you split the additional payments.

Which credit card debt should I pay first?

First of all, forget your credit score for a minute, that shouldn%26#039;t be affected unless you have been in default for quite some time.

I must admit I don%26#039;t know how credit cards work over in the States as well as I know them here in the UK, but ver here, I recommend the following.

IMHO, look at the card that is costing you the most money i.e the highest interest rate. The sooner you pay that off, the quicker you%26#039;ll be able to pay the others. I recommend making the minimum payment the carrier will allow on cards 1 and 2, and paying as much as you can afford on card 3.

This is a good cycle, because as the balance of card three reduces, so willl the interest charges, allowing you to increase payments steadily, until all 3 cards are payed off.

Which credit card debt should I pay first?

I would pay off #1 and make as large a payment as possible on 2%26amp;3...

Then pay off #2 and payment

then #3

That is not what would improve your credit score though....

To improve credit score, you would make twice the minimum payment on each one, two weeks before due date , without missing a payment, until they were paid off....

Credit score looks for some debt, and consistant payment.....

I got 6 credit card debt defaults in collection agencies. What to do should I be worried? young and

I got credit cards to pay for stuff, food, and books for college. My grades going down so i quit my job the cards went into collection and collection agencies. Can collection agencies sue me or bring me to court? Should i be worried %26#039;cause i can%26#039;t pay until i graduate with decent job in finance. My credit debts don%26#039;t erase from credit report until 2009. I just wanna hide until i make some money.

I got 6 credit card debt defaults in collection agencies. What to do should I be worried? young and in college

Starting life with a bankrupcy doesn%26#039;t sound a very happy beginning to me, why not get a credit card with ZERO interest for 12 months then pay the debt with it?

However if you are not working this can be nothing more than a way of putting off the evitable but it will give you time asthough It really does little to correct the problem in the long term. That%26#039;s why many people come back to debt negotiation as a way of getting out of their financial problems and starting fresh start.

More here: http://finance.ebookorama.com

also plenty more to read here

http://credit.ebookorama.com

http://credit-cards.ebookorama.com

http://credit-repair.ebookorama.com

good luck!

I got 6 credit card debt defaults in collection agencies. What to do should I be worried? young and in college

I would visit http://www.CreditCardHelpDesk.... if you need some help. Report It

I got 6 credit card debt defaults in collection agencies. What to do should I be worried? young and in college

well if you file for bankruptcy then that should do it try contacting a bankruptcy lawyer since your young it shouldn%26#039;t hurt you too much

I got 6 credit card debt defaults in collection agencies. What to do should I be worried? young and in college

You can be sued and brought to court. You should not just hide. You%26#039;re already in a bad situation because the cards went into default. You need to try to work something out with the collection agencies. Or you could try working with a credit counseling service that will be able to negotiate with the card issuers - -make sure you find a non-profit or other low cost service (try your state%26#039;s consumer affairs office).

This is not a joke. I don%26#039;t know what your balances are but the collections people could put a lien on your car, your income -- even future earnings. And if you want a new car or a home someday it will be really tough for you.

Good luck and don%26#039;t let this happen again!

I got 6 credit card debt defaults in collection agencies. What to do should I be worried? young and in college

Credit card debt is not like a student loan. The debt will be sent to a collection agency. I would recommend paying at least the minimum amount on the credit cards if at all possible. Another possible solution is speaking to a debt management agency. There are many that are not-for-profit and therefore do not charge for their services. Also, take it from someone a little older and still paying for the cheeseburger I charged my freshman year of college (circa %26#039;99). It is better to starve than use credit cards! Cut them up!

I got 6 credit card debt defaults in collection agencies. What to do should I be worried? young and in college

Credit counselling is the answer; click on the credit counselling portion of this link:

http://hawaiinetwork.com/index.php?optio...

CREDIT GURUS, HELP!! : High credit card debt, 700 mid-fico, student, job....debt consolidation?

Here%26#039;s my situation: I have 3 maxed out credit cards totaling 35K (all debt to help a friend in need) and 60K of currently deferred grad school payments. I still have good/decent credit because my wonderful parents put me as an authorized user for all their cards since I was 10. I can%26#039;t thank them enough. Also, never had one delinquent, etc. The 0% on the cards have now expired and in pretty high rates.

I%26#039;m a full-time student and work full-time, but can%26#039;t show income because only been working two months and it%26#039;s a commission-based job. On track right now to make over 120K this year, but can%26#039;t work for the next month and need a credit line or free up one of the cards asap.

Can I move all CC debt into one account? What%26#039;s the deal with debt consolidation-will it affect my credit score? needed? How about yet another credit card? Any other companies that will see the maxed-out high limit cards and not freak? Any options being a student?

Creativity welcome :-)

Thanks in advance, Sam

CREDIT GURUS, HELP!! : High credit card debt, 700 mid-fico, student, job....debt consolidation?

Hello,

Credit Card Counseling Debt Consolidation

People with good credit score, who have a high level of revolving credit debt, can easily get loan at lower interest rates for credit card debt consolidation.

People who have less credit but have equity in homes can choose credit card debt consolidation with home equity debt consolidation loan.

But some people are being totally consumed by credit card debt. Such people often live from paycheck to paycheck. Most of these people need help to consolidate credit card debt.

If you are drowning in high interest credit card debt and wish credit card debt consolidation, nothing to worry; credit card debt counseling is most successful and best way of tackling this problem.

If you find any problem regarding credit card debt consolidation, it will be wise to seek debt consolidation counseling.

Be very cautious while deciding upon a company for credit card debt consolidation. Even non-profitable groups can be dishonest. Some of them are just brokers who do very little to eliminate your debt and charge high fees.

You can ask to other people who have already gone through debt counseling.

How credit card counseling can be helpful for you?

1. Consolidation counseling will help you negotiating with your creditors to offer you credit card debt consolidation loan at lower interest rates.

2. Right debt consolidation counseling will help you increasing your debt pay off time length.

3. They will help you learn how to be in control of your debt.

4. Counselors will help you know how transferring your balance to zero interest rate credit card is helpful in credit card debt consolidation. Equally important, you learn how to be in control of your debt rather than allowing it to be in control of you.

CREDIT GURUS, HELP!! : High credit card debt, 700 mid-fico, student, job....debt consolidation?

Try these guys: go to CreditScoreQuick and select the loans tab.

Credit Solutions is a good company.

CREDIT GURUS, HELP!! : High credit card debt, 700 mid-fico, student, job....debt consolidation?

Those maxed out credit cards are taking a big bite out of your score -- or at least they will. Also the rules have changed and authorized users accounts are no longer being counted in your score -- credit bureaus have been phasing it in. You may find that you score is a couple hundred points lower than you thought.

You might try getting another credit card but you are really digging yourself a pretty deep hole. Maybe you should get that friend to start paying you back.

CREDIT GURUS, HELP!! : High credit card debt, 700 mid-fico, student, job....debt consolidation?

Believe whatever you want, but with 35k in credit card debt, 60k in student loan debt...You%26#039;re credit isn%26#039;t good, its horrible. You should never exceed more than 25% of your credit limits. so, if you have a 100,000 dollar limit you should never owe the card more than 25,000 at one time. You%26#039;re student loans are neither positive or negative for your score at this point, HOWEVER they do make your Debt to Income ratio fall dramatically.

CREDIT GURUS, HELP!! : High credit card debt, 700 mid-fico, student, job....debt consolidation?

There is no absolutely answer for your question.However,explorer the information here will give you some ideas.HOpe it helps.http://debt-consolidation.featured-resou...

CREDIT GURUS, HELP!! : High credit card debt, 700 mid-fico, student, job....debt consolidation?

You can definately consolidate your debt. The beauty of the credit card market right now is that these 0% credit cards are popping up everywhere. They want your business and will stop at nothing. Since you%26#039;ve got great credit transfer funds to another 0% card and in 6-12 months when that one expires you can transfer it to another. Check out this site for more info:

http://www.credit-card-loans-debt.com/cr...

CREDIT GURUS, HELP!! : High credit card debt, 700 mid-fico, student, job....debt consolidation?

OMG.. thats crazy. Those 3 maxed cards with kill you.

Look at getting a credit card consolidation loan. Anywhere around 10% depending on credit.

http://www.finance-experts.com/credit-ca...

Have you looked at transfering al 3 credit cards to one credit card. You can get a 0% apr transfer credit card for the first 6 months. No interest for 6 months and once u get ure cheques in you can pay it off faster. Interest payments hurt

http://www.finance-experts.com/credit-ca...

CREDIT GURUS, HELP!! : High credit card debt, 700 mid-fico, student, job....debt consolidation?

There are some articles on credit card debt : Consolidate Credit Card Debt To Solve Financial Problems? , Reducing Credit Card Debt - It%26#039;s Never Too Late To Start , Credit Card Balance Transfer, if you are interest, you can take a look at http://avoid-bankruptcy-get-debt-consoli...

CREDIT GURUS, HELP!! : High credit card debt, 700 mid-fico, student, job....debt consolidation?

I would surely transfer all of that debt on a 0% cards. I think your best bet would be the amex blue. It is 0% for 15 months check it out here.

http://www.gozeropercent.com