Credit card companies want their money. In fact, they have several means at their disposal for attempting to collect on money owed to them. However, putting a lien on your house is not one of them. Typically, credit card companies attempt to obtain their money through letters, phone calls, and collection agencies.
If you have a bad relationship with your credit card company, or just want a new one, let the credit card chaser help you find a good fit for you.
Occasionally credit card companies will sue for payment and, if they win, the judge could place a lien on your house. Such an action is costly and will not guarantee their money, especially in today’s economy. For the most part, individuals do not need to worry about a credit card issuer suing them for non-payment. The risk is simply too high that the issuer will create more expenses and get nothing in return. After all, credit card debt is an unsecured form of debt, which means that sometimes they simply have to accept the loss.
What options do I have with overwhelming credit card debt?
If you happen to be one of those people who are struggling with overwhelming debt from credit cards, you will be relieved to know that there are options available to you. Evaluate the different solutions that may help you get out from under huge credit card bills. Sources like MyMoney.gov and Suze Orman can be very helpful. Even credit card companies can actually be a part of the solution if you choose the right card.
Balance transfer credit cards are credit cards that are especially created for those who carry larger balances on existing credit cards. One of the most attractive features of the cards is the fact that balance transfers are encouraged by a very low or even 0% finance charge on them for an introductory period as set by the card issuer. This allows consumers to consolidate credit card debt into one monthly payment that does not grow for a period, so you can actually get the amount paid off or paid down.
For individuals who know they will carry balances on their credit cards, a low interest credit card is a great choice. Credit card companies make their money from charging interest to those who carry balances. If you try to pay off a large credit card debt or plan to put a large purchase on a credit card, you should definitely opt for a low interest credit card to minimize how much you are paying the credit card issuer.
Do I need bad credit credit cards?
Bad credit credit cards are very easy to find. Any good online credit card quote tool like the credit card chaser will be able to provide you with the information you need. If you are looking for a new credit card and your credit is bad, you will need to look at bad credit credit cards. Some of the things that may cause you to have bad credit include bankruptcy, foreclosure, charged off debts and delinquent credit card payments that have put you in collections.
Bad credit credit cards are credit cards that are designed especially for those with a bad history of handling credit. Some of the common features of this type of card include high fees and a low credit limit. However, it is still appealing to many people as it is oftentimes necessary to have a credit card in today’s world.
What other credit card options are available to me following financial problems?
Secured credit cards are a great way to rebuild bad credit. Essentially, you put an amount equal to the credit card limit in a secure account and then use the credit card as you would any credit card, making purchases and timely payments. This will prove that you are capable of responsibly managing credit and your credit score will rebound in no time.
Prepaid and debit credit cards are very useful to have if you do not want to carry cash. The big plus of these types of cards is that you can get them without your credit being checked. You can use them for most purchases, as you would a standard credit card. However, they are often not considered equal to a credit card for the purpose of certain transactions like car rentals.
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