credit card debts

[Otto 83]

Do like a friend did. Get as many cards as you can, max them out and go bankrupt!

Lots do so but it sucks as it affects straight shooters big time.

Is this really a responsible thing to be promoting here??

That's so irresponsible thing to do..

Besides being possible fraud (something you can go to jail for) - the bankruptcy laws changed a few years ago and have provisions in place for folks doing just this type of thing... a big no-no..

[angela920 0]

my credit score will be affected too? even though all of his credit cards are under his name? and he has huge debts even before we got married. We are only married for 9 months.

I am not really bothered by my credit score as i never had any credit cards. So i don't have a credit score? and if its gonna be affected then i'd be in a shithole... coz no credit score plus bad credit history caused by my husband.

I dont really know how it works.

[Otto 83]

my credit score will be affected too? even though all of his credit cards are under his name? and he has huge debts even before we got married. We are only married for 9 months.

I am not really bothered by my credit score as i never had any credit cards. So i don't have a credit score? and if its gonna be affected then i'd be in a shithole... coz no credit score plus bad credit history caused by my husband.

I dont really know how it works.

You'll eventually be affected by it, yes - especially if/when you guys go to buy a home. (Does it affect your score? not that I know of, no.)

[Rocky_nBullwinkle 6]

my credit score will be affected too? even though all of his credit cards are under his name? and he has huge debts even before we got married. We are only married for 9 months.

I am not really bothered by my credit score as i never had any credit cards. So i don't have a credit score? and if its gonna be affected then i'd be in a shithole... coz no credit score plus bad credit history caused by my husband.

I dont really know how it works.

No credit is better than bad credit. I don't have credit card either. Husband and I are using his credit card which is in his name. I am not bothered anyway. I use cash when making any purchase.

[joelunchbox 0]

Somehow, once it goes to a collection agency, they will often settle for less than the actual debt.

Be careful here...If you do find yourself in that situation--hang on to any thing that says you have settled with whoever. It is possible for one collection agency to "sell" your debt to another collection agency who will then try to squeeze some money out of you.

Many churches offer debt management classes for little or nothing.

Urge him to call the credit cards--they want him to pay and hopefully they will work with him.

[muñequita linda 0]

No credit is better than bad credit. I don't have credit card either. Husband and I are using his credit card which is in his name. I am not bothered anyway. I use cash when making any purchase.

We, Ilocanos, always have some cash, don't we Rocky? And we will never be accused of being spendthrifts!

[angela920 0]

So far we havent been reported to collection agencies because we paid some this month. But we receive calls day and night, so if get reported to collection agencies then.. it'd be the worst part, right? -sigh-

[rheanick 42]

my credit score will be affected too? even though all of his credit cards are under his name? and he has huge debts even before we got married. We are only married for 9 months.

I am not really bothered by my credit score as i never had any credit cards. So i don't have a credit score? and if its gonna be affected then i'd be in a shithole... coz no credit score plus bad credit history caused by my husband.

I dont really know how it works.

Your credit score would be affected if you piggyback on his credit card. You should apply your own credit card.

[angela920 0]

my credit score will be affected too? even though all of his credit cards are under his name? and he has huge debts even before we got married. We are only married for 9 months.

I am not really bothered by my credit score as i never had any credit cards. So i don't have a credit score? and if its gonna be affected then i'd be in a shithole... coz no credit score plus bad credit history caused by my husband.

I dont really know how it works.

Your credit score would be affected if you piggyback on his credit card. You should apply your own credit card.

I am planning to get a secured credit card in the future because nobody would want to give me credit right now. I don't know if its a good idea but i heard its the only thing you can do to build credit score.

[muñequita linda 0]

I am planning to get a secured credit card in the future because nobody would want to give me credit right now. I don't know if its a good idea but i heard its the only thing you can do to build credit score.

That's a very good idea! That will jumpstart your credit and some banks even pay interest on your deposit.

[rheanick 42]

So far we havent been reported to collection agencies because we paid some this month. But we receive calls day and night, so if get reported to collection agencies then.. it'd be the worst part, right? -sigh-

Credit card would hire collection agencies to collect payment. But if you want to settle your account, it is advisable to talk directly to the bank not the collection agency. Always make deal with the bank not with the collection agency.

For credit problems... Try to contact the National Foundation for Credit Counseling. Go to nfcc.org or call 800-388-2227.

Some tips for your credit problems:

1. Pay the minimum amount due on every acrd each month

2. Line up your cards and put the card that charges the highest interest at the top of the file. That's the card you focus on paying off first. Send in as much money as you can each month to get that ba;ance down to zero

3. Once the first card is paid off, focus on the second card in your file: the card with the next highest interest rate

4. Keep up with this system until you have all the cards paid off.

[rheanick 42]

my credit score will be affected too? even though all of his credit cards are under his name? and he has huge debts even before we got married. We are only married for 9 months.

I am not really bothered by my credit score as i never had any credit cards. So i don't have a credit score? and if its gonna be affected then i'd be in a shithole... coz no credit score plus bad credit history caused by my husband.

I dont really know how it works.

Your credit score would be affected if you piggyback on his credit card. You should apply your own credit card.

I am planning to get a secured credit card in the future because nobody would want to give me credit right now. I don't know if its a good idea but i heard its the only thing you can do to build credit score.

A secured credit card would help build up your credit score.

1. To keep your credit score high just try to use 30% of your credit limit. Dont max out your credit limit. Maxing out your credit limit could contribute to lowering of your credit score.

2. Always pay on time or ahead of time

3. Pay more than you owe.

The three items i wrote above are what we do to keep our credit high.

[Loolie 56]

So far we havent been reported to collection agencies because we paid some this month. But we receive calls day and night, so if get reported to collection agencies then.. it'd be the worst part, right? -sigh-

Credit card would hire collection agencies to collect payment. But if you want to settle your account, it is advisable to talk directly to the bank not the collection agency. Always make deal with the bank not with the collection agency.

For credit problems... Try to contact the National Foundation for Credit Counseling. Go to nfcc.org or call 800-388-2227.

Some tips for your credit problems:

1. Pay the minimum amount due on every acrd each month

2. Line up your cards and put the card that charges the highest interest at the top of the file. That's the card you focus on paying off first. Send in as much money as you can each month to get that ba;ance down to zero

3. Once the first card is paid off, focus on the second card in your file: the card with the next highest interest rate

4. Keep up with this system until you have all the cards paid off.

my hubby has 4 credit cards...he always pay more than the minimum payment but he pays more to the credit card with the highest interest and dont use it so much...he only use the credit card with the lower interests.

[Rocky_nBullwinkle 6]

No credit is better than bad credit. I don't have credit card either. Husband and I are using his credit card which is in his name. I am not bothered anyway. I use cash when making any purchase.

We, Ilocanos, always have some cash, don't we Rocky? And we will never be accused of being spendthrifts!

Yup. You got it right. I buy things on sale or things on clearance in Wal-mart. Save money. Live better.

[rlogan 2,036]

Thank you for all your response. I really appreciate it. My husband and I are arguing right now on how to pay the rent, the private school, utilities and food. I told him that if he doesn't change then i'll just move it and let him deal with all of it. I told him to be a better person and accept the fact that we can't afford it.

My husband earns decently but just not spending right thats why we are broke.

Good for you. This is a very hard time for you, but you did the right thing by forcing him to face things. It will get a lot worse if action is not taken immediately.

I have a very modest income. Less than your husband I am sure. But I drive a $200 car. That's right. Not $200 a month. The car cost $200. I pay $2 to $6 for pants at the thrift store. Lots of name brand t-shirts for $1 or $2.

I have a VERY small mortgage. Probably less than half what you pay for rent. We eat at home, buy from the 50% bin at the store and buy in bulk. We just bought a bunch of baby stuff - the carseat would have been $125 new, and we got a barely used one for $25. The clothes were all $1.00 or less. You can be smart about your spending and live comfortably.

If you have some really important deal like sending your kid to private school, then the right thing to do is not add that on top of a big rent or a big car payment, but by cutting expenses everywhere else.

Sell the stuff you don't need and WHAM! the debt comes down immediately.