My daughter and husband are jointly on a credit card. Most purchases are his, and he has since filed bankruptcy due to a stroke. Does this obligate our daughter, financially, to his charges? Suit has been filed against her for repayment. Is this possible? Can she dispute the charges?
Your daughter can be held liable for the charges on the credit card account if she is a joint owner of the account along with your husband. As a joint account holder, your daughter signed the cardholder agreement as a financially responsible party. With a joint credit card account, it does not matter who makes purchases on the account, both parties are financially responsible for paying the balance.
When it comes to using student credit cards, parents can only give advice to help their teenagers avoid the trap of bad debt. Ultimately, building good credit and staying away from bad debt will all depend on how the teenager makes use of his/her account.
Do you own one? If yes, then you are entitled to certain privileges and conveniences that cardholders enjoy. Nevertheless, dont forget that along with the perks, you have the responsibility to abide your issuers terms and conditions. Failing to comply would mean paying penalty fees or could inflict some serious damage to your personal history.
What are the things you should remember in using your credit line?
A secured credit card is a type of card secured by a deposit account owned by the cardholder, while a prepaid credit card is one in which the card-holder spends money which has been stored. This is via a prior deposit by the card holder or someone else, such as a parent or employer. It is possible for the holder to have one that serves him or her as a prepaid as well as secured card, better known as a partially secured credit card.
Typically, the holder must deposit between 100% and 200% of the total amount of credit desired.
I thought Id post this question from Cash K since a lot of people seem to be asking it lately:
I know that a secured credit card means using your own money but what I dont get is how is it to be paid back? If I opened a secured card with the same checking account, used their checks to pay off my secured card, where is the money coming from since Im writing a check from THEIR bank?
Answer: When you get a credit card with a $500 limit, for example, you put $500 in an account to secure that card. When you use the card, you must pay it with money from your account, not the $500 security money you put up. If for some reason you do not pay the payments on the card, they will then use your security money.
Thought you guys might like this one
JP Morgan Chase (NYSE:JPM) has abandoned over a thousand credit-card debt-collection lawsuits across the US The countrys second largest bank by assets, including over $100 billion in credit-card accounts, wouldnt disclose the number of cases dismissed or the reasons for doing The bank has dropped its lawsuits targeting borrowers in California, Florida, Illinois, New Jersey and New York since April, state judges The bank was owed billion in outstanding credit card debt in those 5 states as of March 31, including both current and delinquent Thomas Donnelly, an Illinois state-court judge in Chicago, said JP Morgan has withdrawn the cases without prejudice, meaning they can re-file them Roughly 94% of these types of collection cases result in default judgments in favor of the lender, according to industry The article speculates that the suits were dropped because of irregularities in paperwork used to verify the validity of the credit-card debt being Judges have complained that JP Morgan and other banks have gone to court with sloppy or even fraudulent documentation of Last year, a Richmond County, NY judge dismissed 150 credit card collection suits filed by JP Morgan because the paperwork appeared to be signed in large numbers by only a few JPMorgan Chase has a potential upside of based on a current price of and an average consensus analyst price target of
News
Do you want to receive gifts, rewards and prizes for free? Surely you do, so we are giving you the chance to get an account and become an account holder of College Student Credit Card. This newest credit card type was made to give convenience and extra spending power to college students to sustain all their needs. This is closely similar to the usual credit cards, but this is made better with its reward program that can allow any college students get their desired stuffs such as music, movies, electronic gadgets and a lot more. Aside from these, the points can also be redeemed though cash back reward so that you can increase your spending power to a higher level.