debt
4 questions
- Finance
How do I remove a collection from my credit report?
Collections generally stay on your credit report for 7 years from the original delinquency date. You can remove them early by disputing errors under the FCRA, or by negotiating a pay-for-delete agreement with the collector — though collectors are not legally required to delete accurate, verified accounts.
- Finance
What happens if I stop paying my credit cards?
Stopping credit card payments triggers a predictable sequence: late fees and penalty rates immediately, a credit score drop within 30 days, collections contact after 60–90 days, charge-off around 180 days, and potential lawsuit. The damage stays on your credit report for seven years.
- Finance
What happens to debt when you die?
Debt doesn't disappear at death — it becomes a claim against your estate. Most surviving family members are not personally responsible for a deceased person's individual debts. Exceptions include joint account holders, co-signers, and spouses in community property states.
- Finance
What is good debt vs bad debt?
Good debt funds something that builds value — a home, education, a business. Bad debt funds things that depreciate or provide no lasting benefit, usually at high interest rates. The distinction matters, but interest rate and affordability matter more than the category label.