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Credit Card eZine - News and Articles about Credit Cards

Credit Card eZine - News and Articles about Credit Cards

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Your Credit Payment Missed

Tuesday, August 28, 2007

 People arrange credit card deals for different purposes and unfortunately many of them seem to be doing it just to end up in a debt. Credit card debt is the best layout, in fact, because you may also face the necessity to file for bankruptcy or even be sued by your credit card company.

It is generally supposed that the creditor's main goal is to make you pay in every way possible even if your debt seems hopeless. So, they are surprisingly willing to help you out offering you to use one of the numerous credit counseling agencies and credit repayment plans.

But, you have to stay tuned. If you made the best - as it is often advertised - credit card deal and you find it far beyond your means to carry obligations on, you can be easily sued.  The creditor will light-heartedly arrange a lawsuit against you if you are more than 60 days late with the minimum of your monthly credit card payment.

There's one important thing to mention here. It will never come to the credit card company suing you if you show you are ready and willing to cooperate and are not hiding from your direct obligations.

Unfortunately, lots of credit cardholders are delinquent but unwilling to admit the fact, and they get sued more for their ignorance of the debt than for the actual failure to repay.

One more thing to remember. Mind it that even if you are able to cope with the interest rates, fees and other credit card charges, your creditor will most likely try to drive you to miss one payment or simply be late on it to impose late payment fees. This way they earn the largest part of the revenues.

Now, if you are a meticulous credit card user, you will make all efforts to meet your payment obligations and to avoid being seriously indebted. If you aren't - your creditor has caught you and will either harass you by phone calls and threaten you or will arrange a lawsuit.

Let's now analyze the different situations you may find yourself in when facing a trial. First of all, if you are under 40, you are more likely to be sued than an older person. Why? Because you are still young and will no doubt be employed. Logically you will have the income necessary to repay the credit card debt you have accumulated.

If you have a permanent job, you won't be allowed to leave it or change the place of your residence to avoid the debt collection agencies, so you are an easy object for the bank or credit company in their attempt to make you pay.

Then, in case your credit is secured by a cosigner, the latter may save you from the legal proceedings at the price of his own peace of mind and even health. The bank's representatives will start intruding into the cosigner's life through annoying phone calls until they agree to pay for your debt.

Isn't all this awful when your refusal to pay and open ignorance of credit laws and obligations threaten your reputation and even freedom? However, you won't have to endanger these values if you agree to cooperate with your moneylender and accept their help, even if you are required to pay for it.

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