Consequences of Credit Card Default in Virginia?

Answer Virginia is a consumer-friendly state with a short statute of limitations on credit card debt. Statutes of limitations laws are for the protection of debtors to prevent creditors from trying to col... Read More »

Top Q&A For: Consequences of Credit Card Default in Virginia

What does it mean to default on credit card debt?

To default on credit card debt is to fail to comply with a contractual agreement to repay a loan. This occurs when an individual or an entity misses or avoids a payment.Source:Investopedia DefaultB... Read More »

What is universal default on a credit card?

The fine print found on credit card contracts often contains wording about a "universal default rate" on the card. This universal rate is a term of the contract that could cause your credit card ra... Read More »

How many people default on credit card debt yearly?

There is about $905.6 billion in outstanding credit card debt, according to data released in July 2009 by the Federal Reserve. Delinquencies longer than 30 days account for 5.5 percent of all credi... Read More »

Does Virginia Allow Wage Garnishment for Credit Card Debt?

Wage garnishment occurs when a creditor attaches a portion of a debtor's wages and the debtor's employer diverts that portion to the creditor. A credit card company can obtain a judgment against a ... Read More »