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Chapter 7 bankruptcy is ideal for unsecured loans (such as credit card debt), while Chapter 13 bankruptcy may be best if you have certain assets you want to keep.
Getting a higher credit limit can help a credit score. The higher the credit limit on the credit card, the lower the utilization ratio average for all of a borrower's credit card accounts. The utilization ratio is the amount owed divided by the amount extended by the creditor and the lower it is the better a FICO rating, in general.
Filing for bankruptcy can feel like the ultimate catastrophe. Your assets are wiped out, your credit score takes a major blow and lenders no longer want your business. If you need to get your ...
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...
A balance transfer credit card lets you move existing debt from various credit cards to a single card. These specialized credit cards can offer a low or zero-introductory annual percentage rate (APR).
Infographic about credit card debt in the US (2010) Consumer and government debt as a % of GDP (United States) Consumer and government debt in the United States. Credit card debt results when a client of a credit card company purchases an item or service through the card system. Debt grows through the accrual of interest and penalties when the ...