The Credit Guy

In default on car loan: What to do? -- If you are in default on a car loan, but want to make amends, it might help to sit down with the lender and discuss possible payment options. ... (more)

How to pay $12,000 in credit card debt quickly -- When it comes to paying off card debt, it's important to remember that there's no quick fix. Determination and patience will do the trick. ... (more)

Debt can slow down retirement goals -- Debt happens. But how you handle it depends on whether you take charge of it or you allow it to take charge of you. ... (more)

How credit card interest charges accrue on a daily basis -- With daily periodic interest charges adding to your credit card balances, the odds of making a dent in your debt by paying just the minimum is minimal. ... (more)

What to do when debt triples your income -- When your debt load is more than triple your income, it's time to seek a solution. Debt counseling, debt settlement and possible bankruptcy can set you free. ... (more)

Mystery debt: A collector's goof becomes your recurring problem -- Prepare for a hassle if a collection mistake has your name on it -- phone calls and certified letters are in your future. ... (more)

The risks you incur when you co-sign -- Once you co-sign on a credit card, your rights to get out of the deal are limited, but you are still completely liable if the original account holder defaults. ... (more)

Options are limited for bad credit customers -- If you've got a bad credit history in this tight credit market, the odds of getting a credit card with a great interest rate are slim. ... (more)

The risks you face when co-signing a loan -- When you co-sign on a loan and the original borrower stops paying, your credit report and credit score take a hit, too. ... (more)

Options for dealing with a minimum payment increase -- As issuers try new ways to bring in cash, cardholders may face boosted minimum payment requirements. If you can pay the new minimum, you should, and stop carrying a balance in the future. ... (more)

Creditors care about original loan documents, not court agreements -- In divorce, lenders will go after all who agreed to pay, no matter what a court decree says about who should pay. ... (more)

You have new rights to keep your old rate -- Under the new credit card law, you can cancel your card and pay off your balance at the existing APR if the issuer hits you with a rate increase ... (more)

Learn your options when dealing with crushing medical debt -- Communicate, and secure your housing and transportation first, says The Credit Guy. ... (more)

Just one day late can hurt that credit card rate -- Even if you're tardy in paying your credit card bill by a single day, it can trigger a rate increase. ... (more)

Killing off the credit card balance that refuses to die -- Late charges, over-the-limit fees, interest rate hikes and cash advance fees can all prevent you from paying down that previously unrelenting credit card balance. ... (more)

Active military personnel protected from interest rate hikes -- The Servicemembers Civil Relief Act offers interest rate limit protections for active duty military personnel. All you have to do is ask, and prove that you've been called to serve. ... (more)

Considering bankruptcy? Use the 'divide by 60' test to see if you should -- Take your unsecured debt and divide it by 60 to see whether you're a candidate for bankruptcy, says Todd Ossenfort, The Credit Guy. ... (more)

How being an authorized user can hurt your credit score -- If you are an authorized user on someone's credit card account and that account is not in good standing, it will drag down your credit score. ... (more)

Your options when credit card minimum payments skyrocket -- Credit card issuers can change conditions on short notice, including the minimum payment. ... (more)

How your credit score reflects paid-off accounts -- When you pay off your card, the impact to your credit score should be fairly immediate. But if the account was in arrears, you won't like what you see. ... (more)

Personal loan vs. credit card cash advance to pay for wedding -- For one-time events such as a wedding, go with the loan -- the rates are usually much cheaper. ... (more)

Allowing friends to use your credit card = mistake -- After the charges, it may be too late to hold someone else responsible for debt run up on your card with your permission. ... (more)

When family members ruin your credit -- Authorized users on your credit card have two freedoms: to rack up debt on your account and to bail when it comes to paying it off ... (more)

Hit with an APR hike? Keep the card or cancel? -- Until the new credit card laws take effect in 2010, your issuer can still change the terms for any reason. If hit with an APR increase, you have two choices: keep it or cancel it. ... (more)

With credit card bills, don't be late, negotiate -- Reaching out before the bill is due damages your credit score the least, says The Credit Guy. ... (more)

The ugly side of debt collection -- Debt collectors would much rather settle for less than the full amount and get it all at once than receive a small amount each month. ... (more)

Your options for negotiating outstanding debt -- If your income has been dramatically reduced, then you may qualify for some assistance from the creditor that might not negatively affect your credit score. ... (more)

Ignoring debt collectors won't make them go away -- If you've lost your income, ignoring the debt collectors' calls won't make them go away. You've got to step up, tell the truth and work toward a solution. ... (more)

Can my Social Security benefits be garnished for credit card debt? -- Be at ease; your Social Security can't be garnished for credit card debt. But you still need to get a budget together. ... (more)

Laid off, stuck with company credit card bill -- If you are an authorized user on your company card, then you aren't responsible for payment, but that might not stop collectors from harassing you for it. ... (more)

Now's the time to let lenders know you're struggling -- Lenders are aware of the issues facing more and more consumers, and have put in place many measures to help -- but they can't help if they don't know you are struggling. ... (more)

Ex-wife maxes out joint cards: Who pays? -- Divorce is at best unpleasant and at worse very painful. Plus, the lingering separation of finances can add to the pain for years. ... (more)

Retired, widowed, overcome by credit card debt -- Seniors with credit card debt who live just off Social Security may have to make some tough financial decisions in order to live within their income. ... (more)

Hit with a credit card interest rate increase? Do you cancel card over APR hike? -- When hit with a rate increase on your credit card, it's important to weigh several factors when deciding to keep the card or cancel it. ... (more)

How to handle credit card bills when pink slips loom -- For those who are struggling to make credit card payments now or will if they lose their jobs, rising interest rates could present a real problem -- but there is help. ... (more)

New citizen tips for building good credit -- Part of the process in becoming an established U.S. citizen is to start building a solid credit history. ... (more)

Tiny payments don't keep creditors away -- Contrary to urban legend, making a small payment won't keep the creditors away; you have to pay at least the minimum payment. ... (more)

When credit card debt ruins retirement -- When credit card debt dulls the glow of your golden years, you have options: reverse mortgages, bankruptcy or credit counseling. ... (more)

How to keep credit scores up when card limits are slashed -- With credit card issuers slashing cardholders' available credit, keeping balances down can help maintain a good credit score ... (more)

Not all issuers allow you to opt out of rate increases -- When hit with a sudden increase to your APR, most card companies allow you to opt out, keep the old rate and pay off the balance, but not all are so kind. ... (more)

Lessons in paying off delinquent debt -- Settling an old debt won't necessarily improve your credit score, but it can free you of the collection process and to know that you made good on your obligation ... (more)

Income down, bills up. Time for credit counseling? -- When faced with spiraling debt, seeking advice from an accredited debt counselor will help you consider your options. ... (more)

When loaning money, weigh your own financial situation first -- When helping someone out financially, a good rule of thumb to consider is if the assistance would immediately or in the future cause havoc with your own personal finances. ... (more)

Suspect identity theft? How to check for, fix ID theft or fraud -- You can opt out of unwanted mail solicitations, but a sudden flurry could be a hint that new credit has been opened in your name. ... (more)

Here's how to help young adults with bad credit -- Many young adults find themselves in credit card debt with no means or knowledge on how to get themselves out. Here's some advice. ... (more)

How to keep a small business credit card limit from being cut -- Those who rely on small business cards with high limits to keep their shops running need to be proactive. ... (more)

Strategies for escaping a too-expensive auto lease -- If you signed an lease that turns out to be unaffordable, you have a few options, but most aren't pretty. ... (more)

Ignoring old debt can come back to haunt -- Lenders view delinquent, but paid off debt better than delinquent unpaid debt. ... (more)

Creating a plan to pay off $60,000 in credit card debt -- A reasonable amount of time to pay off unsecured debt is five years or less, so in order to pay off $60,000, expect to pay about $1,300 a month ... (more)

The rules behind getting a free credit report -- FACTA provides that the three major credit reporting bureaus must provide a free copy of your credit report every 12-month period. ... (more)

How debt settlement works, how it affects credit scores, how to choose a firm -- Debt settlement lets you escape part of your debt, but at a price to your credit score. ... (more)

Help! My APR's been hiked to 27.99 percent -- Credit's tight and your card issuers are reacting by boosting interest rates. Your choices are either to pay off the balance or transfer to another card. ... (more)

Building a credit history without credit cards -- Living without credit cards can lead to a "thin" credit file where lenders don't have enough evidence that you are a good credit risk. ... (more)

Disabled vet seeks relief from credit card debt -- A disabled veteran living on a fixed government income is overcome by credit card debt and seeks a way out. ... (more)

Steps to avoid wage garnishment -- Leaving the country to escape credit card debt doesn't guarantee that it will be gone if and when you come back. ... (more)

Using retirement to pay off high debt isn't the answer -- Using retirement funds to pay down high credit card debt isn't the best solution. Creating a budget and living within your means is. ... (more)

Emergency fund money critical in a crisis -- If you don't have an emergency fund, now's the time to create one -- especially as banks tighten their credit standards. ... (more)

Credit recovery advice: Start slow, do it right this time -- When pulling out of bankruptcy, it's important to understand how you got there in the first place in order to avoid getting there again. ... (more)

Taking on new debt in an economic downturn -- During economic instability, it is wise to reconsider the need to take on additional credit lines. ... (more)

How balance transfers impact your credit score -- The ratio between how much credit you have available and how much credit is used is calculated as part of the amounts-owed category when calculating your credit score. ... (more)

The pros and cons of charging a luxury car on your credit card -- While charging a luxury car on your credit card may yield a lower interest rate, the risks are higher than a traditional fixed rate loan. ... (more)

Laid off, but stuck with corporate card bill -- A recently laid-off employee, who turned in his corporate credit card, is receiving bills for charges on his old card and wonders who is liable for the debt. ... (more)

Can you really afford that car loan? -- Buying a car with a high interest rate loan can get burdensome down the road -- especially if hard times hit and you're stuck with a loan worth more than the car. ... (more)

Patience is key to credit score repair -- It takes time and patience for your credit score to rise after you pay off neglected credit card debt, says CreditCards.com columnist Todd Ossenfort. ... (more)

Opting out of a credit card rate increase? Keep records! -- When opting out of a credit card interest rate increase, it is critical to keep copies of your letter and mail receipt in case the issuer decides to up the rate again. ... (more)

Cancel that credit card, take the credit score hit -- Yes, canceling a credit card can hurt a credit score, but it's worth it if you're struggling, says The Credit Guy. ... (more)

Add positive information to your credit report to balance the negative -- To help boost your credit score after paying off delinquent accounts, you need to add some positive information to your credit report that will help balance the negative. ... (more)

Do airline rewards programs trump cash rewards programs? -- With credit card rewards programs so prevalent, The Credit Guy Todd Ossenfort weighs the benefits of frequent flier programs versus cash back rewards programs. ... (more)

Steps to take to repair your credit -- When repairing your credit score, it's best to just start making payments on bad debt rather than trying to negotiate the balance down, says Todd Ossenfort, 'The Credit Guy.' ... (more)

When is a credit card's 'fixed rate' not really fixed? -- If you sign a credit card agreement with an issuer that claims to practice 'universal default,' your 'fixed' interest rate can be raised at any time. ... (more)

After creating a debt management plan, stick to it -- CreditCards.com columnist Todd Ossenfort strongly recommends that once you're in credit counseling, stick to the goals set up in a debt management plan and avoid temptation to get into more debt. ... (more)

Canceling a credit card vs. keeping a bad one: Compare costs -- Weighing the true cost of canceling a credit card with an annual fee: How much will it hurt your credit score? ... (more)

VantageScore credit score product combines three scores into one -- The VantageScore, introduced in 2006, credit scoring product combines Equifax, Experian and TransUnion credit scores into one score. ... (more)

When a family member steals your identity -- Here are the steps you can take when a family member steals your identity to open credit accounts in your name. ... (more)

Saving for emergencies, retirement come before paying off credit card debt -- Creating an emergency fund and contributing to your retirement fund should always come before paying off credit card debt. ... (more)

Managing on-time credit card payments -- When transferring balances to 0 percent cards, it's critical to make on-time payments or you'll lose out. ... (more)

Good credit customers: Shop around for the best interest rates -- If you have good credit, it pays to shop around for lower interest rates. ... (more)

Helping your college-age child establish credit -- Students with their first credit card can be dangerous, so parents of should help their college-age children create a spending plan, says The Credit Guy. ... (more)

Are you a credit card rookie? Here's how credit cards work -- There are all kinds of credit cards with all kinds of different rules. Make sure you pick the right card for you. ... (more)

Authorized user or joint account holder? -- There are major differences between an authorized user and joint account holder for credit card accounts. One is liable for unpaid balances and the other is not. ... (more)

Questions to ask to check out your credit counselor's credentials -- Before you hire a credit counselor, make sure you check out their credentials. ... (more)

Card issuers apply payments to lower interest rate balances first -- Balance transfers, cash advances and purchases typically have different APRs. Card issuers apply payments to lower interest rate balances first. ... (more)

Credit inquiries and your credit score -- The Credit Guy explains how credit inquiries negatively impact your credit score and how long these inquiries remain on your credit report, as well as advises readers to not needlessly shop for credit. ... (more)

Is your credit card ripe for fraud? -- When credit card account information is stolen, the thief uses your card information to request a change in the billing address and an additional card. The thief can then use your account for as long as it takes you to realize that your card has been compromised. ... (more)

Understanding how credit scores work -- Find out all the different elements that are considered when your credit score is compiled. ... (more)

Improving credit to refinance a truck or auto loan -- Steps to take to build a strong credit score. ... (more)

Credit, credit scores and walking away from truck, auto lease -- Seven months after leasing a new truck, a woman realizes she's in too deep and needs to get out of her lease. ... (more)

Starting over and getting new credit after a bankruptcy -- A woman pays off her bankruptcy and is ready to build her credit again. ... (more)

Consider all options before filing for bankruptcy, says The Credit Guy -- The reason that bankruptcy is recommended only as a last resort is because of the personal and financial toll a bankruptcy has on a person or family, The Credit Guy advises a reader. ... (more)

Car's too small, loan's upside down -- A woman who needs a bigger car but who is upside down on her car loan should focus on paying down the debt before looking at bigger vehicles, says The Credit Guy. ... (more)

Rich lady, big overdue card debt -- A woman with $16,000 in delinquent credit card debt, but plenty of money to pay it off, needs to do more than just write a check if she hopes to avoid repeating her mistake, says The Credit Guy. ... (more)

Keeping up credit while in jail may not be possible -- It's noble to want to help a jailed friend keep up his credit score while serving time, but unless you want to pay his bills, some things just aren't possible, says The Credit Guy. ... (more)

Dad co-signed, I messed up his credit. Now what? -- You ruined Dad's credit score by running up a big debt on a card he co-signed for you, but no, you didn't cost him his house, The Credit Guy advises a reader. ... (more)

How to opt out of credit card rate increases -- If you've been notified that your interest rate is going to jump, you may be able to pay your credit card off at the old rate, but you lose use of the card. ... (more)

When do credit card balance transfers make sense? -- Having a firm repayment plan makes the difference, The Credit Guy tells a reader. ... (more)

Pay off credit card debt or declare bankruptcy? -- It's painful, but a reader who took $13,000 in credit card cash advances and lost it to an Internet scam needs to pay the money back, says The Credit Guy. ... (more)

Q&A: Pawn off $10,000 credit card debt on son? No way! -- The Credit Guy, who answers readers' questions for CreditCards.com, thinks this parent can pay off the delinquent bill. ... (more)

Expert Q&A: Budget for debt, but not too tightly -- A recent college graduate saddled with debt needs a spending and paydown plan, but it's bound to fail unless it includes some fun, says The Credit Guy. ... (more)

Ask The Credit Guy: Should I do credit rehab myself? -- Credit counselor Todd Ossenfort, aka The Credit Guy, answers a reader's question about whether it's wise to embark on do-it-yourself credit repair. ... (more)

CreditCards.com editorial corrections policy -- CreditCards.com strives to publish accurate information. If you believe we have published something in error or wish to comment on an article, please e-mail us at editors@CreditCards.com. ... (more)