Posts tagged Credit Debt

How to pay off credit cards enrolled in a debt management program?

Sep 22nd

Posted by Banks in Credit

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I have been in a debt management program with a local credit counseling service for about 8 months. My parents have offered to co-sign a loan so I can pay off the cards. The loan with the bank is a lower interest rate than the cards and will pay them off faster with a lower payment each month. Should I pay the cards directly or go through the credit counseling service? Which is better for my credit score?Submited by:MiC
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How my spouse’s credit score will affect to get a mortgage?

Sep 16th

Posted by Banks in Personal Finance

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PurduePR asked:


My spouse and I are planning to buy a house in the next few months. I am wondering how my spouse’s CS will affect to get a good mortgage deal. I have good credit (781, just checked) but my spouse has been accumulating credit history for less than two years. A point that may be consider is that neither my spouse nor I carry credit card debt, just student and car loans. The total payment is less than 5% of our monthly income. Thanks!

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Is credit card debt considered an open account or a written contract?

Jul 12th

Posted by Banks in Credit

3 comments

I live in the State of Georgia and am being sued over an old credit card that I defaulted on. It has been more than 4 years but less than 6 years since the date of default, so depending on whether credit card debt is considered an open account or a written contract in the State of Georgia, the Statute of Limitations may or may not apply. The Staute of Limitations is 4 years for open accounts and 6 years for written contracts. Does anyone know for certain which type applies for credit card debt in Georgia? The account is with Citibank MasterCard and was opened in the late 80′s or early 90′s. Thanks.

By: Stephen S

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