Credit Card Debt is the most profitable commodity in the world. There are over three hundred million credit cards with an average limit of $3000 collecting 70% to 85% interest monthly. Credit Card Debt is the catalyst that is producing the economic struggle in America today. Credit Card companies have issued more credit than the average consumer can handle.
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When does the statute of limitation start on a credit card debt that is a two year no interest no payment plan? Would the start date occur on the payment being 30 days late after the two year period – would this first 30 days past due be a breach of payment agreement? There was no attempt by the debtor to pay this debt after the 2 years promotional period. Credit debt originated in the State of California with a 4 years statute of limitation..
Maxed Out takes viewers on a journey deep inside the American style of debt, where things seem fine as long as the minimum monthly payment arrives on time. With coverage that spans from small American towns all the way to the White House, the film shows how the modern financial industry really works, explains the true definition of “preferred customer” and tells us why the poor are getting poorer while the rich keep getting richer. Hilarious, shocking and incisive, Maxed Out paints a picture of a national nightmare which is all too real for most of us. Great for college students.
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Effects of having credit card debt
Difficulty in starting business: Having a credit card debt causes difficulty for a person When he approaches the bank for loans to start a new business. Any bank would not sanction the necessary loan amount and hence limits the amount after knowing the persons bad credit history.
You lose employment: Some of the finance based companies do not allow employees with bad credit history and hence you lose your job.
Difficulty in getting approval for apartment: House owners and landlords check for your credit history before signing the lease or agreement paper. Having a bad credit history will not allow you to get an approved apartment or a house to live.
Security deposit: Utility firms such as electricity, phone and cable would check your credit history as a part of application process. To provide utility services in your name they demand for a security deposit.
Methods to pay off credit card debt
On time payment: One should be careful in making the minimum payment at correct time and avoid late payment as we all know that the interest on the credit card increases double the amount.
Transferring debt to other account: To take advantage of the lower interest rate and other promotional offers you can transfer the credit card debt from one card to another or you can take a loan from other account to pay off the credit card debt.
Seeking credit counseling services: It is better for an average individual to seek credit counseling services to pay off credit card debt. Credit counseling services are good for negotiating with lenders and they take minimum charge for their services.
Paying as much as possible: If you have three credit card debt you should first make a list of your creditors, minimum amount and total amount to be paid and interest rate you are being charged. You should concentrate on the creditor which has least amount to be paid off. Start paying the minimum amount to the other creditors and pay as much as possible to the least amount creditor.
By reading the above content one can understand the effects of having credit card debt and methods to pay off credit card debt. Debtsolutionsgrp.com is a website that has many different credit card debt settlement methods to help you overcome credit card debt issues.
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