The average American has more than $9,000 in credit card debt. While having a credit card isn’t a bad thing, letting credit card debt pile up over time can place an enormous strain on your finances. Take a look at the articles, Q&A’s, blog posts and videos we have linked to this topic for ideas on how to handle credit card debt and your personal finances.
Credit Card Debt: Are You Responsible For A Deceased Parent’s?
You are not responsible for a deceased parent's credit card debt unless you are listed as an owner of the card. You are not responsible for the credit card debt if you are just an authorized user. The person's estate becomes responsible for credit card debt in the event of death.
Pay Off Debt Before Purchasing Home
If you're serious about buying a house anytime soon, it's important to know whether you will qualify for a home loan. If you're saving money for a down payment, but paying credit card debt, you won't get yourself anywhere. Pay down those cards so you're debt-free when it's time to buy your home.
Foreign Student Leaving Behind Credit Card Debt
A foreign student studying in the U.S. considers leaving the country without paying their credit card debt. Doing so will destroy the student's credit history and credit score. To maintain his credit, the student must pay his debts.
Save Cash Or Pay Off Debt?
Student loans and credit card debt are haunting a couple. Should they put their cash in savings or pay off their debt? With volatile credit card interest rates, it's always a good idea to get that debt paid down quickly and find out where you can save money elsewhere.
Student Loans And Credit Card Debt: Reduce It And Start Saving
Finding a way to reduce student loans and credit card debt while still saving money can be like walking a tightrope. Sometimes in order to save money and reduce student loans and credit card debt, you may have to take on a part-time job to generate extra income. Don't do just one or the other; instead try to reduce student loans and credit card debt each month, while also putting some money away in savings.
Retirement With No Savings
What happens if you are ready for retirement and you have no savings account? It means you may have to work longer than you hoped to and push off retirement a bit. Pay off your credit card debt, stash away as much cash as possible, and try to rebuild your savings.
Working Toward Retirement With High Debt
A couple is in debt and close to retirement. They need to stash away as much cash as possible to rebuild lost savings, pay off debt, and get into a position where they can retire. Since the husband traded a higher-paying job for a lower-paying one, they may have to wait several years before they build enough savings to retire.
Money Smart Kid
Think you know all about money? Well, you've got some competition. Mario Gage, a 12-year-old student at Ariel Community Academy was named this year's money smart kid. If everyone could be as smart as Mario about money, no one would carry any credit card debt, pay bills late and bankruptcy judges would have to find a new line of work.
Financing New Business Debt
A small business owner wonders how to handle the start up costs that are currently on two low interest credit cards. The answer depends on how you set up your business and if the debt is personally guaranteed. If the debt is personal, and you've personally guaranteed it on your own credit cards, then you may want to refinance your mortgage to move the debt to something that would have a more manageable interest rate over a longer period of time.
Reduce Interest Rates Through Multiple Payments
Learn how to setup an online smart payment and reduce your credit card debt. By paying multiple times during a month, you can reduce the interest you pay on your credit card debt. Avoid late payments by setting up accounts online with all of your credit cards.