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 I just used my credit card for the first time, I want to pay the $200 of at once but people say i shouldn't? |
They're telling me it builds credit if I pay montly and on time. My question is, as long as it gets paid, who cares? Should I pay monthly or what?
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Additional Details
I live in Texas.... |
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rainbowlove | Is filing bankrupt a good idea? |
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hakeem
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Here's an article to help you weigh the pros and cons:
http://financialbasics.blogspot.com/2006/12/bankruptcy-tips-and-helpful.html
Hope it answers your question |
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Roberta
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You can still file bankruptcy in the U.S., but the ramifications have changed and you may still be liable for some or all of your debts. Check with an attorney who specializes in bankruptcies. |
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Maddy Waddy
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Filing bankruptcy should always be the last resort, however, the law is available for a reason. Forgiveness of debt dates back to Mosaic law and has long been a right that citizens of many countries enjoy. (Enjoy being a legal term of art.) There are numerous reasons individual incur more debt than they are able to repay. Long term illness, death of a spouse, medical bills, disability, layoffs are just a few.
While the bankruptcy laws have changed dramatically as of Oct.17, 2005, more that 95% of people who were eligible to file bankruptcy before the new law are still eligible to receive a Ch. 7 discharge now. There is also the option of filing a Ch. 13 to stop a repossession, tax levy or foreclosure as well as reorganize your debt and pay one lower monthly payment to your creditors (other than a mortgage for your personal residence.)
You should weigh all of your options before filing bankruptcy and take a realistic look at a repayment plan with your creditors. If correctly reported, a bankruptcy remains on your credit report for 10 years. On the other hand, a poor repayment history or a judgment remains on your report for 7 years AFTER it is paid in full or written off by the creditor. Certain debts that are forgiven are reported to the IRS by the creditor and is considered a taxable event by the IRS - in other words, you pay taxes on the amount of the forgiven debt just as you would your regular income.
You can get additional information regarding bankruptcy and other debt options at the Web site below. |
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shaman
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If it is possible to avoid it then do so. Your credit will be wrecked for a good seven years. The laws have also changed so in filing under the new laws, you will probably still be held liable for a good percentage of what you are filing on. Plus there are some things you can not file on, such as student loans and back taxes. |
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wut's a girl 2 do?
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no. It can mess your credit up. Instead try to contact a credit company that helps you to repair your credit. Lexington Law is pretty good, a friend of mine used them and they got many things removed from his credit. |
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bmh423
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My friend just filed because of too much credit card debt alone. She had to pay $1000 for the service. Apparently, your income has to be less than $35,000 and it will appear on her credit history for only 2 years (because she only did Chapter 7). So, that's not bad. She is satisfied with her decision and shoot, she doesn't have all those bills on her back.
I would have done it too, it's just that I make more than the $35,000. I'm trying to find a way to consolidate my debt. |
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golden rider
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Only as a last resort. Try to work it out if you can. If you file bankruptcy your credit will be screwed for at least 7 years. 10 years on some things or at least with certain companies as far as credit goes. You can still file bankruptcy in certain states and can't in others. Check your local laws. |
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Hima K
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Its not at all a good idea..it stays in your credit report for seven years and your credit score will become worse..
check this website for alternate option
http://www.debtfreeafterall.com |
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sean w
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no, no, no. |
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Studly
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People like dorim_99 really piss me off!
Everyone who files bankruptcy is a deadbeat! They all ran up credit cards and now they can't pay them back, so the file bankruptcy to dodge their responsibilities.
Why are you not pinning some of the blame on the credit card companies? They certainly do credit checks prior to giving someone a $10,000 credit card, don't they? And they certainly would notice that person already has 4-5 other credit cards, wouldn't they?
What sane person would loan someone $10,000 when they are already over their heads? Answer? A credit card company.
But it's the debtors fault.....
Some day, dorim, you may run into problems. Maybe you get laid off, or your family has a medical emergency that puts you $30k into debt. Hope you got real good insurance.
Does that now make you a deadbeat?
OK, lets answer the question and not preach.
Credit counseling is a joke. If you think doing it will save your credit score, you are wrong.
You don't give any details, so we have to assume how bad off you are.
Do this. Make yourself out a very strict budget. No more entertainment. No more Starbucks coffee. No dining out.
Take every bit of available "disposable income" and put it toward your credit card debts. Will you be out of debt within 5 years? Will you be able to avoid further late fees and make your bills on time? Or will you be fighting off collection lawyers trying to sue you?
If not, then you should consider bankruptcy. Your credit is already going to be ruined by the late payments, charge-off's and judgments, so what difference would it make? This NONSENSE that BKs kills your credit is true, but it's already dead! Right now you need to be looking at how to recover your life.
So ignore these people can't see straight because their nose is always stuck up. Discuss your situation with a lawyer and see if it's the right option for you. |
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â•£China ♥ Dollâ•Â
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I don't think you're allowed to do that anymore...or at least not in the US.
[edit]
I can't find anything about that on Google. I don't think I'm going to use any of the knowledge I learned in my Economics class because my teacher was probably talking our of his ***. |
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5150
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I work in finance.
Sometimes, bankruptcy is a good thing. Look at it this way.
Bankruptcy's will eliminate whatever debt you can't pay back.
Will it take you 2 years to pay back the debts that you have?
I ask that, because BK's take about 2 years to "season". You will be able to get credit cards and cars one month after the BK, but you wont be able to buy any real estate until 2-3 years though.
After that, your back in the club. Bankruptcies are so common these days they dont have the stigmatism they had in the past. But they do want to see you reestablish yourself before they do real estate. |
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diva
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Its good and bad. I'll tell you this, first find some help with credit counseling if you see yourself still in a whole then consider filing, after you file Don't worry because you can begin to start fixing your credit by getting a secured credit card, or you will be getting credit card offers from credit card companies and that would be another way that you can build your credit again. There is a new law now with filing so if you do decide to do it then they will send you to a credit counseling anyway cause that is mandatory now before u file. Its a bit more expensive too but think hard of your consequences before you get into anything. Speak to a lawyer or again go for credit counseling...... That really does help. |
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?
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The law has changed you can still file for it but you still have to pay your bills. Under the old law you would have got ton off Scott free. If you do file you will be dead in the water for 10yrs you wont be able to get any credit. it is better to go to one of those agency's who help you reduce you debt. Also check with a Lawyer to find out which type to file there are a few different types. |
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Mariposa
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It should only be used as a very, last resort. |
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CoCo
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yes....wait....no.....ah yes/no |
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osunumberonefan
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Well if you could avoid it then avoid it |
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AB
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NO. If you got yourself into trouble, you can pull yourself out of trouble. It takes time, but ultimately it will be for the best. |
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timestamps
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NO, not ever |
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tinkerbell
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no its not a good idea...you cant even have a bank account after uve done that |
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PRS
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No it is not a good idea. See a credit counciler and pay your damn bills! Bankruptcy has been so overused that the government had to tighten the rules. It used to be that anyone could get multiple credit cards with $10,000 limits or more and run them all up to the max and then file bankruptcy and walk away. That leaves the rest of us who manage our credit and pay our bills holding your bag consisting of higher interest rates and inflation. So unfair. |
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