Bankruptcy is a legal process through which people or companies who cannot repay their debts to creditors may seek relief. It is important to review the underlying problems and to minimize the risk that financial distress will recur. The goal of bankruptcy is to provide a fresh start to people who can no longer afford  … Read More

When you close your account, you are still obligated to pay at least the minimum amount until the full balance is paid off. The care issuer can still charge interest on the amount you owe. Generally, you should be able to close your account by calling the credit card company and following up with a  … Read More

The credit card company has the right to change the terms of your credit card agreement. For significant changes, the card issuer generally must give you notice 45 days in advance. Significant changes generally include increases in interest rates and fees, increases to the minimum amount due, or changes to the grace period or the  … Read More

There are a few warning signs that could signal a debt collection scam. Legitimate debt collectors should not claim that they’ll have you arrested. They should provide you with a mailing address of phone number. They should not ask you for personal financial information. If the caller refuses or is unable to provide you with  … Read More

If you are sued by a debt collector, you should respond to the lawsuit by the date specified in the court papers. When you respond to the lawsuit, the debt collector will have to prove to the court that the debt is valid and that you owe the debt. If you don’t respond, the court  … Read More