Finance Questions? Ask a Financial Expert for Answers ASAP
A credit card is a type of payment card that allows the person that has it to pay for goods and services then later on pay the balance or make payments to the company that issued the credit card. Credit cards are generally based on a person’s credit and have a certain limit, in most cases, depending on what type of credit card it is and what the person’s credit looks like. A credit and charge card are different in the fact that a charge card balance is required to be paid in full at the end of the month and a credit card requires at least a minimum payment every month. Read below where thousands of Experts were able to provide individuals with answers pertaining to credit card questions.
In many cases, the credit card companies that are in business offer a credit card for business purposes. The business owner’s personal credit will be assessed as well as other factors when the person applies for a business credit card. There are many cases where the credit card company will issue the business a card, but the card will have a limited amount of credit that the business owner is able to use. This limit will increase as the business owner uses the credit card and makes payments and pays the balance off in time. Since most companies use the business owner’s personal credit, then if the person lapses on their payments it would affect their personal credit.
In the state of Texas, a person’s wages cannot be garnished for credit card debt. If the person has no assets, then a lawsuit or judgment would not generally allow the credit card company to take anything from the person. The person would need to try and make small payments on the debt if they have the extra money, but if the person moves out of country, then there may be no way for the credit card company to pursue the person.
If the credit card company accepted the final payment amount and then contacted the person for a payment of a greater amount several years after the settlement was accepted, then the credit card company cannot pursue the person since the statute of limitations would have ran out as well as them accepting the check that was marked final payment. This would make the credit card balance settled, making the person not responsible for the extra that the credit card company wants.
In most cases, when a person has a credit card they may want to consider having a form of credit protection just in case anything happens. The person would want to talk to the company that issued the credit card to see if they can get the insurance on the credit card. The following link will help the person decide how to precede; http://www.bankrate.com/brm/news/cc/20090316-credit-card-protection-a1.asp.
A credit card is a form of credit extension that helps a person to buy things and make payments on the balance. When a person is thinking of getting a credit card, or they want to get insurance on a current credit card, or the person does not know where to go to get a credit card. When these questions arise, then the person would need to seek the answers from the Experts.