Joint credit card debt after divorce - who pays credit card bills?

  joint credit card debt after divorce - who pays credit card bills?


Facts about joint credit card debt after divorce. A divorce decree may declare which spouse pays credit card bills, but divorcing does not relieve either party. Maybe credit counseling or debt settlement is right for you.

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Important things to know about divorce decrees & credit. A divorce decree can endanger credit, and joint debts remain joint debts. Re-assigning debt in divorce decrees does not relieve a spouse of debt responsibility.

Settle joint credit card debt

joint credit card debt after divorce

Getting a divorce and want to remove a spouse or yourself from credit card debt?  A divorce decree cannot fully remove a spouse from a credit obligation. One way to solve this problem is to negotiate a debt settlement.

Joint credit card debt settlement

 

Search for a joint credit card

 

 

Joint debts remain joint debts. Both spouses signed a legally binding contract with the creditor, and a divorce decree neither amends this contract nor relieves the creditor's investment in you. Amendment of any contract requires agreement by all parties, including the creditor, and proof of the amendment requires the signature of all parties. During a divorce, the creditors are not part of the divorce courts, and therefore the original agreements/contracts stand.

 

If you have a joint financial obligation with your ex-spouse, and your divorce decree states that your ex-spouse is responsible, and your ex-spouse is delinquent on paying, your credit as well as his/hers is affected. As is stated above, your legal responsibility for a debt does not go away because a divorce decree assigns responsibility for a debt to your ex-spouse. Along with a legal responsibility to pay comes the right of the creditor to report a debt delinquent on your credit report if it's not paid as agreed in the original contract.

 

Especially tragic are situations where one ex-spouse files bankruptcy and includes many joint debts in the bankruptcy. The spouse not filing bankruptcy is left holding the bag for these joint debts, and many times they're not notified of the ex-spouse's filing until months or years down the road when it's too late to correct the situation. So not only is the spouse who didn't file responsible for the unpaid debts and can be legally sued for them, but the non-filing bankruptcy spouse's credit is also ruined, something that cannot be corrected, as the credit bureaus have the right to report them delinquent.

 

The purpose of divorce is to split off emotionally and financially from your ex-spouse. If you aren't careful, your spouse's handling of your once-joint accounts can haunt for years. If you had joint debts which existed before your divorce, and these accounts are not both paid off and closed, you're just asking for trouble. Also, although some divorcing couples are definitely out to get each other, most problems with joint accounts prior to divorce are caused by ignorance, not malicious intent. Don't think that just because your split is amicable that problems can't occur. Taking precautions can protect BOTH of you. Order a credit report and review all outstanding debts.

 

Read our article about joint debt.

 

More marriage and divorce credit articles for:  joint mortgage loan  joint auto loan  joint credit cards

  


Tips to Payoff Bills: To get started on paying off bills, figure how much extra can be spared every month toward paying off a debt with the highest interest first. However, some consumers like to start with the smaller, high interest accounts. This can give more positive reinforcement as at least one small debt may get paid off faster. The benefit either way it to eliminate high interest debts and save money by eliminating added fees. The money that is saved, can then be used toward other debts.

 

It can be best to stay with one bill until it is paid off, rather than trying to spread around any extra money to several bills at the same time. Once a targeted account is paid in full, begin on the next account on the payoff list. This can help keep a consumer focused and living within a budget. Do not let up until all debts are paid off. Below are a few helpful steps for paying off bills:

 

*Create a budget

*Work on building an emergency fund

*Decide which accounts to payoff first

*Track all spending to determine wastefulness

*Review and adjust the budget frequently

*Cut out wasteful spending to have more money for bills

 

One important factor in becoming successful with paying down debt, is to have a budget and control spending, along with knowing where the money goes. By tracking expenses, it is easy to determine wasteful spending. If this does not work over time, consider the help of a professional. Some consumers are able to get their finances back on track, while others must hire a professional to help them set goals. Waiting until debts are out of control, only makes getting out of debt harder and can take longer to accomplish.

 

Here are some possible warning signs that debts are getting out of control:

 

*Charge card balances are getting higher

*Only the minimum or less is paid on account balances

*Debts are being shuffled from paycheck to paycheck

*Constantly applying for more charge cards

*Credit card balances are at or over the credit limits

*Constantly charging more on cards than is paid on them each month

*Having problems keeping up with bill payments

*Don't know how much is owed and don't want to know

*Getting phone calls or letters about delinquent bill payments

*Using credit cards for basic purchases like food

*Using credit cards because there is no money

*Using a savings or an IRA to pay monthly bills

*Hiding financial problems from a spouse or partner

*Constantly applying for credit card offers sent through the mail

 

The signs above can be a warning that financial trouble is real. The worst thing to do, is to do nothing. There are ways to get out of or manage debts, but getting out of debt certainly must not be put off or brushed aside. For many consumers it takes a professional to help point out problem areas or possible solutions for getting a hold on debts. Many companies offer a free consultation and a quote. Why let bills stack up with added high late fees or interest rates when it is easy to get quotes online, in a matter of hours. It could make life less stressful once debts are tackled.




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Consumer Credit Counseling helps you with budgeting and debt repayment options, as well as helping you to avoid filing bankruptcy.

CCCS Debt Relief Review: The majority of CCC agencies offer confidential budget counseling, and debt management programs. Debt management programs, also known as debt consolidation programs, are available on the Internet, by telephone and in person, at a nominal fee.

What Does CCCS Do? There are so many CCC agencies, it would be impossible for us to tell you what each one will, and will not do. Our review of CCC is an overall view of their offerings with more details provided about the Debt Management Program.

CCCS agencies have set up alliances with major creditors to:
* reduce or eliminate interest
* stop late payment fees
* reduce monthly payments
* educate consumers on money management
* negotiate debt repayment plans
Creditors participate because it is in their best interests for you get out of debt without bankruptcy. In most instances, if you file Chapter 7 Liquidation Bankruptcy, unsecured creditors won't collect anything.

Debt consolidation loans allow you to borrow to refinance or restructure debt. The options you have to have to borrow money, and make one monthly payment until you are out of debt include refinancing your mortgage or getting a home equity loan, equity loans, personal loans, etc.

What Do Debt Consolidation Loans Involve? They involve applying for the loan, being approved, then revising your budget to remove the paid debts, and including payment for new loans. It is important for your financial future, that you don't incur any more debt while making consolidation loan payments. If you do, you could find yourself back in over your head, and on your way to bankruptcy.

Quick Tips For Debt Consolidation Loans: If you haven't already done the Debt Worksheet (available in our printable monthly budget form), do it now. Review your Debt Worksheet so you know how much you need to borrow, and what interest rates you are currently paying.
* Do the Income Worksheet and Monthly Budget so you know how much of a payment you can afford.
* There is no fee, or obligation, when you apply online for a consolidation loan, so you can shop around for the best rate, and payment terms, you can get.
* Allow yourself some leeway in your budget when calculating payments on consolidation loans. This will help you to pay it off faster and save interest.

Debt Settlement, or debt negotiation, is the act of contacting your creditors and negotiating a lump sum payoff of your debt. If you are behind on paying your debts, sometimes you will even get a letter from the creditor directly offering a settlement amount of around 50% of your balance if you pay them in full within 10 to 20 days.

How To Negotiate Terms To Payoff Your Debts: You can do this, directly, or you can hire a professional debt negotiator, or arbitrator. It is not uncommon to pay 50% or less of the principal on your debt as settlement in full.

If you have access to money to use to make a lump sum payoff of your debts, then this will save you the most money in interest, and principal payments, of any debt relief program outside of bankruptcy. You should keep in mind, however, that some creditors may report your settlement to the major credit bureaus. However, when trying to get out of debt, and protect your credit as much as possible, debt settlement can be the most economical option for you.

Determining What You Can Afford: Some of the more common ways to get money to do a lump sum payoff are through savings, tax refunds, second mortgages, home equity loans, or refinance of existing mortgages, among others.

Yes, you can sue a debt collection agency for violating regulations, yet there are good reasons why you should pay debt collectors instead of defaulting.
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Can't pay credit card bill? Figure out how much you can afford to pay in monthly installments: *Add up all your credit card balances. *List all your monthly expenses. *Calculate the difference between your total income and your total debt. If the remainder is low or is a negative number, work on cutting expenses you can live without (such as movie rentals, dining out, etc). Continue slashing your expenses until you finally have enough money to pay credit card bills.

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