Re: If You Only Pay Them $1.00???
[ Follow Ups ] [ Post Followup ] [ Credit Forum Index ]
Posted by observer
(205.188.209.12) on January 16, 2003 at 21:56:19:
In Reply to: If You Only Pay Them $1.00??? posted by Halo611 on January 16, 2003 at 20:49:35:
It's not true. At the 180 date mark in a deliquency, the FDIC requires a creditor to charge off the debt. They can't keep a loan in the preforming category unless their is a reasonable expectation that it will get current and stay current. A $1/month won't do it. The average minimum payment for a credit card is 2 1/2% of the balance. In some cases, creditors have a hardship program where they will waive fees and reduce interest rates and temporarily reduce the payment to 1%.
Follow Ups:
Post a Followup
|