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Bankruptcy and Credit Card Debt

There are countless tales of people who racked up a substantial amount of debt due to credit cards. These individuals often do not make enough money monthly to pay off this amount. Some people in this situation decide to pursue the option of bankruptcy. If you are debating filing for bankruptcy due to your mounting credit card debt, obtain the assistance of an experienced bankruptcy lawyer. When You can Not Pay Back Your Credit Card Debt In considering whether the bankruptcy process is right for you, one of the things that you should consider is whether you are able to pay off credit card debt. Many people who make enough money to pay off their credit cards find that they are not able to qualify for Chapter 7 bankruptcy. Instead, individuals in this situation who still want to declare bankruptcy are required to navigate Chapter 13 bankruptcy. If you are not able to pay back your credit card, rather than file for bankruptcy, you might be able to settle with the credit card company for a lower amount than what you owe. Other individuals decide to combine their debt onto one card to receive a lower interest rate and then [...]

Steps to Quickly Improve Your Credit Score

For people who have struggled with debt and/or bankruptcy, their credit score plays an important role in helping them obtain a new car, mortgage, or even a new job. While one of the best steps that people with credit card problems can take is to obtain the assistance of a knowledgeable attorney, it is also good advice to understand the various available ways to improve your credit rating. Ask for a Credit Line Increase Rather Than a New Card Requesting an increase in your credit limit is a better idea than obtaining a new credit card because each time a person fills out an application for a new credit card, a company will check his or her credit. The mere presence of an error on a person’s credit report will not automatically weaken that person’s credit rating. Some of the major factors that can be associated with a person’s credit rating and impact his or her credit score include payment history, amount of debt, age of accounts, account mix, and history of credit applications. Create a Plan to Improve Your Credit Score If the information reflected in your credit report is accurate and you want to take plans to improve [...]

2018-03-12T13:05:26+00:00Tags: , , |