After You Pay Off Credit Card Debt
Credit card debt is a very big problem that is being faced by a lot of people who have been irresponsible and undisciplined in the use of their credit card. Though some might have landed up with credit card debt due to some unfortunate event/emergency in their life, most people carry a credit card debt due to their own wrong doings (i.e. wrong usage of their credit card debt).
There are a lot of ways to pay off credit card debt and a lot of people do achieve this feat (i.e. are able to pay off credit card debt). Surely, to be able to pay off credit card debt is really a great achievement in itself for not everyone is able to pay off credit card debt. It takes a lot of discipline, restraint, planning and perseverance to finally pay off credit card debt. However, there is more to paying off credit card debt then just being able to pay off credit card debt.
Here we are talking about the life after you pay off credit card debt successfully. As mentioned before, of all the people that try to pay off credit card debt not everyone is able to pay off credit card debt i.e. there are some failures too. However, some people fail after they have succeeded in paying off credit card debt. These are those people who let themselves loose and go on a spending spree as soon as they pay off credit card debt. Soon, these people again land up with a credit card debt and are again trying to pay off credit card debt.
So, it’s not enough to just pay off credit card debt, it’s equally important to maintain a debt-free status even after you pay off credit card debt; only then can you enjoy a stress-free life in the world of credit cards. So learn your lessons well and do not let yourself loose on the path to another credit card debt. Most of the rules that you followed when you were trying to pay off credit card debt, will also hold good after you have paid off your credit card debt.
Here is a quick synopsis of things that you should take care of even after you pay off credit card debt:
1) Do not overspend. Yielding to the sale offers for something that you don’t really need, is a big mistake that leads to overspending
2) Always remain within 70% of your credit limit.
3) Make credit card bill payments in time and in full.
4) Don’t hold more than 2 credit card accounts (two are enough for anyone)
These are just very basic things; you can add more based on your own experience and knowledge.
Watch the video related to
credit card debt
Sanyika Calloway Boyce’s appearance on “In the Loop with iVillage”
Help answer the question about credit card debt
Is the SOL on credit card debt determined by the state you currently live in or where the debt originated?
Is the Statute of Limitations on credit card debt, determined by the state you currently live in or where the debt originated?
I have a debt that I stopped paying on in Jan 2002. I acquired the debt while living in Texas and stopped paying it while living in Texas. My husband is military so we have lived in Missouri for the past 4 years.
The SOL for TX is 4 years for open accounts (credit cards) and for MO it is 5 years. Either way, the SOL has run out on this debt, however I am still wondering which would apply to us since we are military? We claim TX as our home/residence.
Thanks!
This debt was sold to a debt collector years ago.
I have known others that have written cease and desist letters so I am not so sure that SOL on card debt is a "myth".
About Author
Uchenna Ani-Okoye is an internet marketing advisor and co founder of Free Affiliate Programs
For more information and resource links on credit visit: Bad Credit Student Loan
Comments
Brilliant! And so true…my hubby and I vowed well before our wedding 2 years ago that we’d live without credit cards.
Great video…thanks for posting!
No Debt = (More Sleep + Greater Happiness) – Fewer Financial Worries. For the things that *truly* matter, MC/Visa is irrelevant.
i must say there should be a play for this like they to diffrent town having a CCF this. i know i would show up who wouldnt!
Well even after you pay off the debt it well still report for 7 years, the way it works is all items (with the exception of bk's 10yrs.) stay on your record for 7yrs. from the point of last activity. Some suggestions to be made would be to offer a settlement on the card with the prevision they remove it from your credit report, works sometimes but not often and always get it in writing. Another suggestion is to write the bureau and tell them the info is incorrect and in fact you did pay the card as agreed, it is the credit cards companies responsibility to prove this, they almost always well report back to the bureaus the first couple times but after a while they won't or may wait longer then the 30 days they are allowed by law and the item well be removed. The only other option is you are allowed to put a statement of facts on your credit reports, you can explain that yes I had this debt and got into trouble because of some family emergency and as you can now see I have paid it, this won't help your score but when they do a background check and run credit it well look more favorable to the person checking it. Good luck!
If you pay it off in full it will return to R1 Status within two years.
Nice vid. Thanks for sharing.
Knock out your debt and get your cards paid off. I've been paying off what's left of our debt this past year, including my student loans and our vehicles which are now paid for. As Dave Ramsey says, "If you save now and live like no one else…later you can live like no one else."
Yes. Your creditors don't care if you live on the moon. They just want your money. You can probably pay most of your debts online and I bet they even accept rupees. If not get a PayPal account.
Judge Cilley, although speaking “ad lib”, was closer to speaking the real truth about the devil’s work than the filmed participants (and you readers) are inclined to believe, or acknowledge. Think about it. Brilliantly done and scarily thought-provoking….to those who have ears to hear.
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that is very awesome i love this
Have you lived in it for at least 2 of the last 5 years? If so, there's no capital gains tax from the IRS, and the money is yours to spend as you wish.
Glenn is correct – This all depends upon what you'll do with these newly cleaned up credit cards….. It's a falacy that people can get out of debt by placing all their credit card debt onto their house. They usually run up their cards again in a few years and are then worse off than before.
Put the money to the house. Start paying EXTRA to your credit cards. Start cutting up your credit cards. Then start sending extra to your house.
FREEDOM!!!!!!
depends on how high the penalties are — set down and do some hard figuring and see which will save you the most — i would vote no and tell you to downsize you life style until you get your credit under control!!!
why on earth do you need a credit score at ALL if you intend to pay for everything with CASH (or DEBIT card)…INCLUDING your mortgage. You don’t need everything RIGHT NOW and that includes your house. Save cash for an emergency fund then PAY cash for everything else. “The Total Money Makeover” By Dave Ramsey explains it all
i need a credit dard to become mem on runescape
I'm going to check your answers because I need the same help!! GOOD LUCK!
Credit card companies will eventually turn you over to a credit agency who will hound you for months to come. Eventually you might get away without paying but it does go on your credit report and effect your rating making it hard to get new cards, buy cars, and a home.
Don't be a deadbeat, pay your bills.
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Сredit repair workеd fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service – freecreditreport.sinfree.net
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