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A lot of individuals die with debts. On numerous occasions, the existing family members are left with financial adversity. Some individuals make plans for their credit card debt keeping in mind the event of their death. Either way, if an individual expires with credit card debt, the existing family members are left with another thing to be concerned at a quite miserable period.

Investment Properties and Assets

Creditors cannot attach assets like your IRAs (Individual Retirement Accounts) and 401k in the event of your death. This is a federal law and does not differ from one state to another. Life insurance is normally exempted from creditors attempting to recover a debt as well.

Nothing

If you die with credit card debts exclusively in your name, the credit card company frequently accepts the loss since there are not sufficient properties to pay off the debt. The credit card company lawfully cannot compel a family member for paying the debt if it was not a joint account.

Probate

If you have not prepared an official will, your leftover properties might undergo probate where an administrator would enumerate your debts and properties. Your properties are then liquidated to pay down your debts. The leftover assets are passed on to your successors or beneficiaries.

Joint Accounts

If the credit card account is a joint account and one accountholder passes away, the existing accountholder is still accountable for the debt. Nevertheless, if the second individual was only an approved user and did not sign any contract, the debt would only be of the person who passed away.

Community Property

In a number of states like Idaho, Arizona, Texas and some other states, the law takes into account any debt piled up at the time of a marriage to be the responsibility of the husband and wife. If any of the spouses dies, it can happen that the debt is transferred to the existing spouse.

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Credit cards are the popular means to get instant credit from a bank or a financial institution. It is actually a part of a system through which payments are made with the use of plastic cards. Usually, lending institutions and banks issue plastic cards to the users along with granting them a line of credit with the help of which, the users can borrow finance for making payment to a merchant. It can also be said as cash advances provided to the user through an automatic lending procedure for a particular term, say for a month and the users can repay the bulk amounts for all the advances on the due date.

Many times, credit cards due to their extensive use pave the way to a credit crunch for the borrowers. So, before using a credit card as a short-term finance always remember some important points.

Try to find a credit card that follows suitable terms for you. Understand well the terms and disclosures offered by the credit card company and check its maximum credit limit. Credit limit must be high enough to get accepted by the merchants. In addition, verify the features of credit card you are taking.

Payday Loans

You have to fill an application form to get a credit card from the credit card company and the company will respond you shortly. You have to provide your personal details consisting of name, date of birth, address and sources of income along with existing debts. Procedure of credit card obtaining never takes much time and facilitates trouble free lending money from the bank to you.

A credit card can be issued to everyone i.e. if you have credit problems earlier then also you can get a credit card.

So, keep all these points in your mind and enjoy the benefits of credit cards. It will be a good source for you to get short-term finance.

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