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Credit Card Debt Questions

Credit card debt refers to a form of unsecured debt which an individual may acquire by the constant use of his/her credit card. The interest rates of these debts are very high. Hence, it is considered best if people repay these debts as soon as possible. Given below are some important questions regarding credit card debts that have been answered by the Experts.

Can an individual withdraw from his/her 401 (K) account to pay off credit card debt?

It may be possible for an individual to pay off his/her credit card debt by withdrawing from the 401 (K) account. However, the money that is withdrawn may be taxable and the individual may have to pay an early withdrawal penalty if he/she is below 59.5 years of age. The other option that the individual may have is to take a loan from the 401 (K) account and repay the debt. Though in many cases, the individual may have to repay the loan, the interest rates will be much lower in comparison to the debt on the credit card. The loan will also not have any impact on the individual’s retirement earnings.

Would the inability to repay the debt on a credit card be grounds to request for a motion in order to dismiss a lawsuit?

Inability to repay a debt on a card may not be legal grounds to petition the court for a motion to dismiss a lawsuit. The only time an individual may request to dismiss the suit is if he/she does not owe the card anything.

What is the statute of limitations on credit card debt in Kentucky?

The statute of limitations on credit card debt in Kentucky is 15 years from the last activity on the account.

Can a credit card company take away a person’s stock if he/she is unable to repay the debt?

If the credit card company gets a judgment against the individual, it may be able to use any non exempt property that the individual owns to repay the debt. Since the stocks owned by him/her are also considered to be non exempt property, the company may use them to repay the debt.

What is the statute of limitations on credit card debt in Florida?

The statute of limitations on credit card debt in Florida is 4 years from the date the last payment was made.

What can an individual do if they are being wrongly sued for credit card debt after the statute of limitations has passed?

If the individual is wrongly sued for a debt on a credit card after the statute of limitations has passed, the individual may file a motion for summary judgment in the court. The individual may cite the statute that is applicable to show that the statute of limitations has passed while filing for the motion.

What can an individual do if a collection agency harasses him/her for credit card debt that is 12 years old in the state of Massachusetts?

The statute of limitations on credit card debt is 6 years in Massachusetts. Hence, if a collection agency harasses an individual over a debt that is 12 years old, he/she may send a cease and desist order to the agency. This order may be followed up in writing. According to the Fair Debt Collection Practices Act, the agency will have to stop contacting the individual once they get the cease and desist notice from him/her.

You may sometimes not realize how much you are spending when you buy using a credit card. Even before you realize it, you may end up with a huge debt on the card and may not have any way of repaying it. Since the interest rates of these debts are some of the highest, it can take a long time for you to get rid of the debt. Not knowing whom to contact in such a situation can leave you feeling helpless and frustrated. You may ask an Expert if you have any questions about credit card debts.
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