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[02:45:52 AM Thursday, March 22, 2007]
Some personal events do play against best credit card offers
Believe it or not, but your credit card serves you good only when your private life is stainless and trouble free. Let's see why...
Looking through the best credit card offers online, you may want to obtain a credit card both for you and your spouse. Lots of credit consumers who are married are inclined to have a joint credit account so as to plan their family budget more effectively. And they do succeed! With top credit card offers form such recognized credit card companies and banks as American Express, Discover Bank, Chase Bank or Bank of America, they can save on traveling (Frequent Flyer credit cards or Hotel Rewards credit cards) or collect real money (Cash Back credit cards)!
Little wonder then, that if they manage the credit card in the proper way, paying the balance off in full each month and not exceeding the credit limit, the credit card works to their advantage and helps to accumulate family wealth. Making things even better, there's a great number if credit educational programs teaching you to plan family budget and providing the basics of credit management.
And now imagine that your family happiness broke to pieces... As is known, mischances never come single and you're not only in mess with your spouse but are faced with a serious financial problem. The point is that the joint account on your lowest APR MasterCard or no annual fee Visa credit card should be divided between the two of you and that's where the bone of contention is.
When you accept a credit card offer for a joint credit card account, you and your spouse agree to pay each other's bills, but your debt remains only yours anyway. And if at the time of the divorce you owe to the credit card company money, you are liable for the debt. The matter is getting complicated as most often the credit card bills are mixed and you do not want to pay for your partner.
Well, how can you possibly get out of the problem? Turn to your creditors for help! It s nor only for the purpose of allocating responsibility between you and your partner but also for preventing your credit score from decreasing and your credit history from damage.
But if you want to be a success in negotiations with your credit card company, keep your joint bills valid. Yes, maybe it will mean paying for your spouse but be patient and prudent. Closing the account will irritate your creditor and will make him reluctant to help you.
Keeping it all still, talk to the creditor. In case you know for sure which debt belongs to whom, you can ask the company to transfer the debt to the name liable.
Provide for the canceling of your partner's credit card accounts which add to the existing debt. It doesn't mean that the creditors won't try to collect but it will show them your concern and responsibility.
After that, suggest removing your spouse's name as an authorized user so as to divide the credit card account.
Upon the credit account and divorce settlement, you and your ex-partner can make use of individual debt consolidation loans or credit management plans to pay for your share of the joint bill. At this moment, you are supposed to follow the usual strategy of credit repair, that is paying off your bills and closing the account. Now you are fulfilling your obligations and paying only those bills you agreed to pay when signing the contract and accepting a credit card offer.
A wise and skillful policy of credit management after divorce can help you repair and reestablish your credit history, so it is very important that you settle it up with your spouse and creditor in a friendly like manner.
According to the recent statistics, more people are in the process of divorce today than ever and their credit illiteracy a or lack of competent help make things worse both for divorce settlement and credit rating. We advise that you follow the steps we recommended above and you will be the winner in both the financial and divorce matter.
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