Top Questions about Credit Card Debt

Find the answers you need to the most popular questions about this unique type of unsecured debt.

Credit cards aren’t just useful these days – they’ve become all but necessary. From shopping online to making travel reservations, there’s plenty of stuff that’s a lot easier if you have a credit card handy. Not only that, but they also provide one of the easiest ways to build and maintain a solid credit history, so you can do things like rent property or even get that job you want.

But if you’re going to have credit cards, it’s essential that you really understand exactly how they work and what it takes to manage the debt. This is where an FAQ can come in handy, because if you have a question about your credit cards, chances are someone else has already had that question, too.

So we’ve scoured the web to find those all-important credit card debt questions, then we’ve gone to our experts to get the best answers possible. If you can’t find what you’re looking for, why not ask our experts directly, or call 1-888-503-5563 to talk to someone now.

Are children responsible for a deceased parent’s credit card debt?

Is your inheritance actually a debt?
Parents can leave you their assets, but people often worry the opposite is true – that as an inheritor you could be on the hook for a parent’s credit card debt if they pass away without paying it off. We explain what happens with debt after the debtor is gone to help ease your concerns.

Can I go to jail for credit card debt?

Locked up for credit card debt
Debtor’s prison was a risk in the 1800’s, but it’s rare these days for someone to get locked up for debt. Still there are a few rare ways where an unpaid obligation can land you in jail. We explain what those are and why credit card debt never leads to jail time – no matter what a collector says.

Can I pay off credit card debt with a personal loan?

Trading one type of debt for another
When you have outstanding debt on your credit cards that’s causing problems for your budget and putting you at risk for financial distress, you need to find a way to pay it off that won’t put your finances at an even greater risk. We explain when a personal loan may be the best solution for you.

Can I still buy a home after I consolidate debt?

Ensure you can buy a home after debt consolidation
Debt problems don’t last forever, but the credit score issues that can occur using the wrong debt solution may derail your plans – especially if you want to buy a home. Learn how different options for debt consolidation can impact your credit so you can eliminate your debt and reach your goals.

Does debt consolidation hurt my credit score?

Look closely at your credit score
One of the top questions people ask when it comes to solving problems with debt is whether or not a particular debt relief option will negatively impact a credit score. Learn how various debt consolidation options can impact your credit so you can decide which solution is right for you.

How do you know which debt relief company to trust?

Reach out to a trustworthy debt relief service
You know need debt relief. What you don’t need is the added hassle and cost of dealing with a disreputable company – or even worse, becoming the victim of a debt relief scam. We give you essential tips on how to differentiate a legitimate service and from someone just out to make a profit.

How long do I have to pay off a credit card balance?

Unlike other credit lines like a mortgage or auto loan, credit card debt doesn’t come with a set term for payoff. So how long do you have to eliminate credit card debt that you incur? We explain how a credit card debt repayment schedule works and when your debt gets moved to charge-off status.

Should I pay off my credit cards with my 401(k) or IRA?

You put effort into building up your retirement plan, but when you get into trouble with debt it can be tempting to take some of that money out to avoid bankruptcy. We help you decide when it’s okay to dip into your retirement and when you’re better off leaving the money where it is.

What happens if I stop paying my credit cards?

You want to pay your bills, but sometimes circumstances come up that can make it impossible to keep up with everything. So you pay the mortgage and your auto loan to keep your home and car, but what about your credit cards? We explain what happens when you stop paying on this type of debt.

Which credit cards should I pay off first?

Choosing the credit card to pay off first
There’s a certain strategy to paying off credit card debt efficiently. Learn how to use interest rates, introductory periods and current balance amounts to determine which debts you should pay first and which can get by on minimum payments. Prioritize your debts to minimize added interest!