Rapid Reader Questions – Bankruptcy, Collection Agent, IRS, Student Loans

Things will be okay.

Q: What happens if you don’t file bankruptcy but still have credit card debt or loans at the bank? A: You owe them. Q: A collection agency sent my debt to a lawyer with a court date do I have to acknowledge it? A: No, but you will then lose by default. Q: Do I … Read more

Sandra Is a Single Mother And Worried About Paying For College

Question: Dear Steve, I am a 40-year old single mother of one. Currently, I have $22K in credit card debt among 3 creditors: American Express $16K (9.99%), Home Depot $3K (12%), and Furniture Express $3K (zero interest and payment until March 2010). I have $35K in student loans (6.2%) with Wachovia, who is also the … Read more

We Have $100K in Credit Card Debt That We Need to Deal With

Senior Female Laptop

Question: Dear Steve, We have over $100k in credit card debt that has accrued over time due to various unfortunate life situations. We are current on all of our debt, however, we only make the minimum payments and cannot make a dent in the debt. We were on the verge of a bankruptcy filing, but … Read more

My Credit Card Was Closed and My Credit Score Dropped

Question: Dear Steve, I have a question about credit history. I held a credit card account with Dressbarn for 13 years. The company was bought by Capital One Bank. Then the company shut down last year. On my credit report, I noticed a 40 point drop because the card account was closed by the company. … Read more

What is Going On With Vantage Acceptance?

Question: Dear Steve, Does anyone know why Vantage Acceptance is not accepting new clients? Maybe there is some law enforcement action that isn’t public yet? https://vantageacceptance.com/ Ella Answer: Dear Ella, As you stated, the Vantage Acceptance website does say, “We are not accepting new applications.” They continue to list their business address as 5950 Canoga … Read more

Why Would My Credit Card Company Rather Have Me File Bankruptcy Than Work With Me?

Question: Dear Steve, I owe a lot of cc debt but have never missed or been late. I’m probably their most profitable client! I’ve asked for reduced rates, but been declined, leaving me few alternatives. Why would an issuer rather force me into bankruptcy rather than offering this relief? Karen Answer: Dear Karen, Yes. Logic … Read more

I’m Thinking About Doing Credit Card Settlement But Need Guidance

Question: Dear Steve, make about 90000 a year budget is 200 a month underwater my wife and I have about 43000 in credit card debt and an unsecured loan for 12 000 credit score is about 620 home value is about 340000 balance is 288000 wife income low due to some health problems Thinking about … Read more

If I’m on Disability Can My Credit Card Company Sue Me and Win?

Question: Dear Steve, I have been on permanent disability since 2015. Can a credit card agency sue me for the money and win? Constance Answer: Dear Constance, You could get sued and lose the case. Most people do because they never appear in court to put up a defense. But even then the bigger issue … Read more

I’m in Deep Credit Card Debt and Can’t Get Out. How Can I Get Out of This Credit Card Debt?

Question: Dear Steve, About 50,000 in Credit Card Debt. Did the 0% balance transfer thing. Tried to get out of debt and got in worse. Debt-to-Income to high now. Can’t get a personal loan. Want to start with AMEX and see if I can get a lower interest rate and lower monthly payments to get … Read more

I’ve Got Credit Card Debt Has Built Up After Making Some Mistakes. What Should I Do?

Question: Dear Steve, I childishly made some large purchases using my credit, and couldn’t afford to complete the payments on a timely manner. Most of those accounts are closed. Is it best to pay them off in full or with a settlement payment? Also, paying that amount (full or settlement amount) as a one time … Read more

Credit Card Debt Relief Offers Are Confusing Me. What Should I Do to Make the Right Decision?

Question: Dear Steve, I have credit card debt and private loans and I keep getting calls from many debt settlement companies. I want to see if these companies are legit and are truthful, so I wanted to see what the legalities are and see if the programs there really offering me are really beneficial and … Read more