Credit Card Tips

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How to Cancel a Credit Card Payment

Should you need to cancel a credit card payment, it's an easy process. Most credit card companies make it easy to cancel payments either on the Internet or with a phone call to their customer service department.

1. Identify the company or provider for the card that you're interested in canceling a payment on. This information will be easily found in the bill it has sent you or perhaps on the card itself.

2.Decide whether you'd like to cancel over the Internet or make a phone call. This is a matter of personal preference. In some instances, canceling over the Internet can be the faster route, as customer call centers are often swamped by many callers.

3.Gather all your credit card account information. Whether you call in or cancel over the Internet, you'll need to tell them your account number, your name and verification of identity. The credit card company also needs the billing number for your payment. This is the number affiliated with the payment you're trying to cancel.

4.Give all the requested information to the operator or follow the steps on the credit card company's website. Click on Cancel a Payment and type in your personal and payment information. If you call your cancellation in, be sure to specify that you are canceling a payment.

5.Provide a reason for your canceled payment. It's likely you will be asked for one and there's no problem with canceling a payment. As a credit user, it's a wise decision to be in good communication with creditors.

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What Are the Rules Regarding Joint Credit Card Debt?

It is vital to know the rules that pertain to joint credit card debt due to the implications they can have on long-term credit scores. Joint credit card debt is common in today's society but few people understand all of the rules that govern this type of credit card debt. It is important to understand who is responsible for what, and who the creditor can legally contact regarding the debt and hold liable.

Joint debt
Joint debt is common with credit card holders because of the benefits of having two people listed on an account. Having more than one person listed on an account typically allows for a lower interest rate and a larger credit limit. Creditors will extend these more favorable rates and limits to joint debtors because both signers can be and will be held responsible for the debt. It makes the creditor twice as likely to get money owed from the debtors. When opening an account as joint debtors, be sure to plan for all possible life events

Divorce
Joint credit card debt between a married couple going through a divorce is a common source of problems. The rules of the credit agreement state that both parties will be held responsible for the debt and it will be necessary for the attorneys involved in the proceeding to split the debts between the two individuals in a fair manner. Once the debt is decided upon, the parties should call the credit card companies, inform them of the divorce, and see how they can handle the issue. In most cases the courts will issue judgments to the parties which state which credit cards will be paid by whom. However, in the case of default, the creditor can still contact either debtor for payment. In this situation, the debtor must return to court for a motion to compel to be filed against the other debtor.

Joint debt between unmarried individuals
Joint credit card debt between unmarried individuals can be dangerous. If a girlfriend and boyfriend take out a credit card together then break up, the debt stays intact and both parties are obligated to pay for all balances old and new. Call the credit card company, cancel the card for any future transactions, and work out a plan to pay off old balances.