Are You Liable for Credit Card Debts?

Individuals many times ask if you can be liable for credit card debts

. To answer in a word, yes. If you owe it you need to repay it. If not, the credit card companies have the right to take action against you. Remember all those papers you signed when applying? Now, the good news. There are laws in place that your credit card company must adhere to. You are protected under the law.

Now, keep in mind the two laws....State Law and Federal Law. You need to check into your State Laws because every State will vary to the rules they are allowed to collect the debt you owe them. Your bank where you have your credit card with will be able to provide you with the laws. There will be a time frame as to how long before your credit card company has to file a lawsuit to recoup their money. They will be on top of it.

Federal Laws are different. They apply to everyone regardless of your local. The most commonrel="nofollow" onclick="javascript:_gaq.push(['_trackPageview', '/outgoing/article_exit_link']);" href="http://retirementusa.com/legal"> law individuals are interested in is the Federal Fair Debt Colledtion Practices Act. This will dictate as to how your credit card company can come after you and how they must behave (if you will) when they try to collect the money you owe. This law will also say as to how they file a suit against you depending on where you live and where they are located. An additional law is the Credit Card Reform Act. Check it out. Some of these laws may hlep you in your situation.

There are also debt counseling services available to you particularly if you are having difficulty paying your debt. There should be free services available to you. You just have to search. Some are provided by a charity. Most times, if not always, the counselor and the company you owe will want to see your expenses and income..Many debts are very important to pay first. Your conselor will inform you of these.

Very strongly is advised.....Do not ignore this debt. Your situation will only get worse. All debt can be resolved. Get the proper advise.

Sometimes, your creditors may sell your debt to an outside company that buys debt. They purchase them at a discount hoping they will get you to pay. Sometimes depending on your relationship with your bank, you may be able to work out a paymnet scedule.

Now you know that you are not 'scott free' from your debt. The only way for you too be absolutly free of this debt is to claim bankruptcy, chapter 7. If approved you don't owe the credit card company anything. However, this comes with a lot of ramifications. Check with a bankruptcy attorney.

What will work for you when you have credit card debt?

Http://www.Retirementusa.Com provides complete solutions for your lifestyle

Are You Liable for Credit Card Debts?

By: ric dalberri

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