Duration : 0:0:31

Technorati Tags: commercial, credit card debt help, credit counseling, debt reduction services, nonprofit, nxnw, Online Help, tips

TRANSCRIPT:
Voiceover: As the recession drags on, more and more Americans are having a difficult time making ends meet.

David Jones, president, Association of Independent Consumer Credit Counseling Agencies (AICCCA): “We’re seeing people with a lot of debt these days. More than they have had in the past.”

Voiceover: And it’s hitting older Americans especially hard. According to a survey by the Federal Reserve, about half of all households headed by someone aged 55 to 64 carry credit card debt. And more than a third of those headed by someone aged 65 to 74 are also carrying credit card debt.

It’s an issue, Jones says he’s seeing more these days…

Jones: We’re also seeing a shift of difficulties with older Americans. They’re reaching retirement age or have already retired, so, yeah, it’s a serious problem.”

Voiceover: If an older parent or spouse dies, sometimes they leave some of that credit card debt behind. So who is responsible for paying it off?

Elder law attorney Ron Fatoullah: The debt does not die when they die. Their estate would have to pay off their debts… certain things get paid off first… There’s funeral expenses, that’s a priority. There’s administration expenses to administer the estate. Of course, the US federal, state, local taxes get paid.

Voiceover: Here are the basic rules… If a card was in an individual’s name only, then only that individual is responsible for the debt. If the account is a joint account, then the surviving account holder is responsible. If someone is an authorized user but not a joint account holder then that person is not responsible for the debt. The exception to the rule is in states with community property laws.

Fatoullah: During the lifetime of the husband and wife, the assets are considered each other’s. And as they grow, it’s their joint asset — that’s the community property aspect of it. So when one of the spouses dies, in many of the community property states, the surviving spouse, whether it’s a husband or wife, will be responsible for the debt of the deceased spouse.

Voiceover: If there’s not enough money in the estate to cover the debt, Fatoullah says it’s tough luck on the creditors.

Fatoullah: Credit card companies can call, they can cry, they can moan, but those debts will not be paid

Voiceover: Still, Jones says, it doesn’t always stop credit card companies from trying.

Jones: Collectors will do almost anything to collect the debt. That’s their job, so consumers need to understand that and not be intimidated. That’s the big thing: Do not be intimidated by threats at all.

Duration : 0:2:58

Technorati Tags: credit card debt, death, debt, money, Personal Finance

Please also LIKE our Facebook page to get your latest debt help tips into your Facebook: http://www.facebook.com/DebtEscapeAustralia

Duration : 0:1:53

Technorati Tags: australia, credit card, debt, debt advice, debt problems, finance, financial, queensland, sydney, tips, tricks

FYI
The credit card has a 15% interest rate.
The amended return was mailed a month ago and has not yet been processed. The state revenue dept. told me it can take up to 6 months to be processed.

pay the tax they are bandits in penalties and interest

1. Minimum Payments
You continue paying your creditors the minimum amount each month
- Each month a huge portion of your payment is going towards the creditor fees (interest)
- Paying down the balance of your debt can take years
- To see how long it will take to finish paying your credit card debt, check out the CNN Money Debt Reduction Chart.

2. Credit Counseling
You send your monthly payment into the credit counseling firm and they distribute that payment to your creditors, usually for a period of 5 years or more.
- Helps reduce your interest rates
- If you’re concerned with a lower monthly payment, credit counseling offers minimal, if any relief
- Your enrollment is reported to the credit bureaus, which could affect your ability to get a loan.
- A high percentage of consumers drop out of the program because they are difficult to manage
- Most credit counseling firms are funded by your creditors, which gives them the incentives to make you pay as much as possible

3. Unsecured debt consolidation Loan
A bank pays off some or all of your debts and in turn you pay back the bank with interest.
- High interest rates
- Difficult to qualify for this type of loan
- Lenders interpret these loans as a sign of being overburdened

4. debt settlement
A process of negotiation that allow you to pay your creditors less than the balance owed
- Affordable monthly payments
- Save thousands of dollars
- Possible to experience debt relief as quickly as 12 months
- Avoid bankruptcy

5. Bankruptcy
Bankruptcy has a major impact on your credit score and stays on court records for a minimum of 10 years. Employment could be in jeopardy for consumers having filed bankruptcy

Chapter 13 — You are set up on a court approved plan to repay your debts
- The court determines your monthly disposable income, which you pledge to a court appointed trustee, who in turn distributes it to your creditors for up to 5 years.
- You are required to pay back a good portion of your debts
- Over 65% drop out of Chapter 13 bankruptcy repayment plans because they can’t afford the payments
- Your credit score will be majorly affected and will be reported on your credit report for 7 years

Chapter 7 — You ask the court to erase your debts completely
- In exchange, you must turn over all your non-exempt property (or its equivalent in cash) to a court-appointed trustee, who in turn sells your property to pay back your unsecured creditors
- Your credit score will be majorly affected and will be reported on your credit report for 10 years
- In October 2005, Congress changed the bankruptcy laws making many consumers seeking bankruptcy relief only eligible for Chapter 13. For clarification, seek the advice of a bankruptcy attorney.

If you find you have gotten yourself into a problem with credit card debt, it is important for you to take steps right now to take care of it. This means you need to pay down that debt as quickly as you possibly can until you can achieve a zero balance. One of the best ways to get out of credit card debt is to cut up the plastic and then make the largest payments you can for as long as you can to help take care of the problem.

Call Today for a Confidential Consultations for Debt Relief Assistance
480-502-5554

Duration : 0:1:47

Technorati Tags: 911 Credit Pro, bankruptcy, credit counseling, Credit Stratigies, debt consolidation loan, debt reduction, debt settlement, Mick Bernard

Duration : 0:14:23

Technorati Tags: consolidate credit card debt, credit card debt, credit card debt relief, credit card settlement, dealing with debt collectors, debt collection agencies, debt collection harassment, debt collections, debt collectors, eliminate credit card debt, FDCPA, paying off credit card debt

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Duration : 0:6:9

Technorati Tags: bankruptcy, consumer credit counseling, credit card debt, debt attorney, debt consolidation, Debt Negotiation, debt settlement, finance

It’s no secret that without a savings account most people view their credit cards as their emergency fund. 77% of Americans today live week to week and don’t even have $1000 in the bank for emergencies.

A lot of people start off with good credit, get a number of credit cards, usually rolling over their balances to a 0% APR for one year to manage their affairs, then when something happens such as a lay off, medical illness, divorce and such, they tap into those high credit limits until they are way over their heads. My parents racked up $6000 of credit card debt paying for my sister’s wedding. My sister racked up $5000 while married to the bum and she’s now divorcing him. I racked up $22,000 after my job cut my pay, cancelled over time and bonuses and I got a premonition that I’d be laid off in a year. It took eleven months for them to lay me off. Turns out after reading the FDCPA, I didn’t owe a dime to the third party collection agencies.

Duration : 0:2:14

Technorati Tags: Budgeting, career, credit card, debt, Holiday, money