Celebrate life! Overcome Debt Everyone who is in debt dreams of having a debt free life. Freedom from debt, however, seems just that – a dream. The bills are stacked up and it seems like nothing will break through them in order to offer you a solution. But did you know that you do have [...]
How to settle debt credit is on the minds of many people who have been hit by job losses and economic uncertainty as of late. Credit card debt is a problem that many individuals continue to deal with on a daily basis. Before the economic crisis of 2008, credit cards were relatively easy to get. [...]
March 14th, 2011 
Dan 
March 14th, 2011 Dan 
On those papers, it reads: “you are hereby summoned and required to file with the Court and serve upon the Plaintiff’s attorney an Answer to the Complaint, herewith served upon you, within twenty (20) days…”
Then it goes on to say: “If you fail to do so, judgment by default will be taken against you for the relief demanded in the Complaint.”
I DO owe this credit card company and I’m very aware this is an attempt to collect the amount I owe. But honestly, after reading this document several times, I’m not completely sure what they’re asking from me other than, obviously, paying them back.
Does this mean I have to show up for court? I didn’t see a set date anywhere. I just don’t know what I am to do. Any suggestions?
By: Renzy
About the Author:
March 13th, 2011 Dan 
March 12th, 2011 Dan 
Why not amnesty certain credit-card debt quickly and so give some real spending power to the average person?
I, for instance, have a credit card with some $2000 owing which was issued by Providian, and subsequently was acquired by WAMU before it went under. WAMU maintained and (itself in trouble) would not lower the abusive rates to which Providian jumped — 24.9% on an original contract of 8%. I missed no payments, but lived in Florida after 9/11 and was able to pay only the minimum each month on a “maxed-out” balance ever since, (as was the case with some other cards), just staying this side of bankruptcy. I guess these factors “red-flagged” and kicked in the higher rate — eventually reaching 31.4% with WAMU before it collapsed. Other card-debt of mine has been simply sold, so that I received a letter announcing my “New Rate”. One of these was sold first to MBNA, and then to BankAmerica — each time with a raise in interest despite meeting monthly minimums and a little more each month.
In the seven years that I have carried a total debt of about $15-20K, I think I have paid the principle off something like two or three times over. Now, I must pay for the $700Bn “Bailout” out of my taxes, and also continue to pay the monthly payments at inflated interest to J.P. Morgan Chase for the WAMU card, for instance — despite the fact that Chase paid ZERO DOLLARS for WAMU’S “equity”, including my debt.
Why not create an amnesty for debt to these banks that have enjoyed abusive profits for years, where the borrower is someone like myself who has in fact paid the principle amount of the loan and much more? Amnestying those whose total of payments is more than twice the amount of the cards’ maximum credit amount seems reasonable to me a dividing line. In my case, that would give me some $600 per month in pocket to inject directly into the economy — and I would still be doing my part as a citizen in paying my share of the bank bailout through taxes. Things as they are seem so unfair! I mean, I can’t exactly call the credit bureaus and wreck the BANKS’ credit-score, can I?
Your thoughts? And please — comments such as “you idiot” aren’t useful. There are many thousands of people in my position who have just managed stay afloat rather than declaring bankruptcy — who now really need relief with the job market as poor as it is, and city rents remaining so high (in great part because of the same “investors” who got us all into this mess).
GEEGEE: The connection with Florida, at least Miami where I was at the time was that as a result of 9/11 the prime industry which supported the economy here in 2001 went bust. Thus, South Florida residency became a ‘red flag’ for banks on even current debt accounts, because so many bankrupted. Hotel occupancy here, for instance, was under 10% that winter.
As for the earlier answerer who I “TD”d, I borrowed the money at a reasonable rate of interest, and the loan was bought by a predatory bank which raised that to an abusive level. This is one of the practices that will be outlawed by the Obama administration.
By: titou
About the Author:
March 11th, 2011 Dan 
March 8th, 2011 Dan 
I am a victim of domestic violence. I went to school after I walked out of the relation, and I have graduated a year ago, got a wonderful job, and right now I am trying to buy a home.
Unfortunately, while married, because I was not allowed to work, and did not have the ability to pay my credit card and the emergency room visits, the result as you know is bad credit.
I have been working on it, trying to pay off the debt, but, I have been told that even I paid off the debt tomorrow, the bad credit history will stay on my record up to 7 years. I am just wondering, is there any program or any organization can help with this situation, if the debt was caused due to the abusive relation, due to the fact the victim was not allowed to work, and if the victim willing to pay the debt, will the credit bureau take the negative records off the credit report right away just to give the victim a chance to start a new life? I appreciate any input!!
By: Lisa Smith
About the Author:
March 5th, 2011 Dan 
March 5th, 2011 Dan 
February 28th, 2011 Dan 
Does anyone know of any good card i can do a balance transfer on? Or any program for smaller debt relief? I feel so hopeless.
By: Josh
About the Author:
February 27th, 2011 Dan 
