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I have been paying off my Credit Card w/ my benefits, but last month I paid over the min BUT spent more and now I'm pushed my balance!
(Should I cancel or not--in terms of credit)
I am afraid that the company might default the card-not good! What would happen then? I can pay it off, it's just taking me FOREVER!
So far, the company hasn't sent any letters or calls to collect, I just want to make sure I can pay it off! Getting the card was an impulsive thing! Getting out of debt is a must!
Any help would be great thanks-m
Hi Michelle
Are you talking about spending "over the credit limit" on your credit cards? If it is so, then the credit card company shall charge you a "over limit" fee and interest charges on the amount that have exceeded the credit limit and you can pay it off after receiving your next card statement. It has nothing to do with default because you are regular with your payment. But pay off the amount to the cc company asap.
If you do not make any payment towards the debt for at least 120 days, the creditor generally considers it as a bad debt and may charge it off or send it to collections. But since you have spent more on the cards without paying the last outstanding, you will not get the interest free repayment period on your card and interest rate will be charged on the entire amount.
Mortgage Loan modification
Hi,
Banks have already put around $85 billion in reserves as of late 2008. This is to account for the losses expected from residential mortgages this year. However, with loan modification programs and foreclosure moratoriums in several states, banks have bought themselves some time to write off what would otherwise be considered losses.
www.cdloanmod.com