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What do you do if your credit card balances exceed your income?
Wiki User
∙ 15y ago
Do this before the problem becomes major-- # STOP using the card, no matter what. Destroy the cards. # Pay off the balance in full immediately if possible, over time if necessary but in chunks that are MUCH bigger than the minimum payment suggested on bills. # When paid, cancel the account and any other card accounts you have. A little extreme, you say? Then wait a couple of years, and while you face bankruptcy, foreclosure and other financial disasters, ask yourself if it would have been wise to take strong measures a couple of years earlier.
Wiki User
∙ 15y ago
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How often do credit card balances get reported to your credit report?
Monthly
Can a high credit card balance prevent you from getting a mortgage?
Your debt is always taken into account. If your income can handle the credit debt and the mortgage there should be no problem. High credit card balances do not mean bad credit. Late or no payments make bad credit. Your better off with a high balance on a credit card that you pay regularly than no credit at all.
Which credit card companies allow you to transfer balances from another person's credit card?
I believe Citicard allows this
Can a credit card company garnish your wages in the state of Michigan for an unpaid balance?
Yes. The garnishment law for Michigan is not to exceed 25% of the person's disposable income.
What is the purpose of 0 interest credit card transfer balances?
Zero interest credit card transfer balances allows a person to transfer the outstanding debt (as long as it is within the limit) to another credit card without incuring any new interest.
How often do credit card balances get reported to your credit report?
Monthly
Can a high credit card balance prevent you from getting a mortgage?
Your debt is always taken into account. If your income can handle the credit debt and the mortgage there should be no problem. High credit card balances do not mean bad credit. Late or no payments make bad credit. Your better off with a high balance on a credit card that you pay regularly than no credit at all.
Which credit card companies allow you to transfer balances from another person's credit card?
I believe Citicard allows this
Can a credit card company garnish your wages in the state of Michigan for an unpaid balance?
Yes. The garnishment law for Michigan is not to exceed 25% of the person's disposable income.
Can a credit card company raise the rate on existing balances if you exercise your opt out option?
If it is allowed in your credit card contract.
Which credit card companies give credit cards with no income?
No credit card company will give you a credit card without a regular income, as they need to know that you have the means to repay whatever you borrow
What is the purpose of 0 interest credit card transfer balances?
Zero interest credit card transfer balances allows a person to transfer the outstanding debt (as long as it is within the limit) to another credit card without incuring any new interest.
Can the secondary card holder on a credit card account transfer credit card balances to a new card?
No unless the primary gives the secondary permission too
How can a person get a credit card with no income?
They can't ! A credit card is issued in recognition that the card-holder is able to repay any balance owing. If a person has no regular income - they are extremely unlikely to be granted a credit card !
Do you need a cosigner to have your own credit card?
No. Credit card companies will not give to people who have no income.
How do you lower credit card balances?
Pay more than the minimum due.
Does Medicaid count a credit card as income if you are in a nursing home?
No it is not income.
