Credit Cards For Less Than Perfect Credit

Q: What is the statute of limitations in Utah for credit card debt lawsuits? Is that a written contract or a promissory note type? Which stature I should look at? I owe $2,000 in credit card debt for quite some time and have a feeling, the statute of limitations is about to expire.

A: To my best judgement, credit card debt in the state of Utah falls under Open Account type allowing 4 years for the creditors to act. Note that Utah law explicitly states that a written acknowledgement signed by the debtor revives the statute of limitations.

Q: I am going back to school and moving in with my parents. I am also selling my condo in downtown Chicago to pay off credit card debt and live on. I owe around $25,000 to various credit card issuers and to my relief, settled for $11,000 altogether. So the question is, if a credit card issuer finds out that I have money after the sale, can it come after the full amount that I owe? I am worried about Amalgamated Bank of Chicago since it is the one that also holds the mortgage.

A: As long as you have everything in writing, all credit card debt relief agreements with every credit card issuer / bank, you should be fine.

Read the full post

Is Credit Card Debt Burdening You?
Are you one of those who pile up all their expenses in their credit card bill? Don’t you follow any method to curb your credit card purchases? Has the outstanding liability started pinching your pockets? So, you have started facing the trouble of credit card debt bothering and burdening you. Many tend to forget the fact that cards are basically emergency genies that help you go ahead with a purchase or payment even when you do not have the money to meet the expense. Unfortunately people started using credit cards for all their expenses and in the course loose track of their expenses. T Read the full post