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My friend has a lot of debts and now being collected by debt collectors

My friend is a busy person and likes to explore new things. He has a way of living that an average person cannot cope up with. He likes to start businesses and it suddenly stops it. Recently he loaned from another bank for him to open another business. The bank approved his proposal and lend him the money. After a few months a lot of debt collectors comes to find him to collect his debts. Can he use his credit card to pay for those?

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    There are people like this, who likes to start a business and suddenly stops it even though he did not gain a profit. They do not have the guts to be a business person. They usually loans a lot and hides when it comes to payment. In this situation, the banks sends a debt collector for them. The person cannot use his credit cards because his accounts are hold and it the banks who are charging him.

    2020.03.24 15:44

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My kid purchase a lot of toys without my permission.

Cancel the purchase as soon as possible, so that it won't be credited at your account. What if it already came and I just lately knew about it? Contact the shop that you brought from and file a complain or a refund. They should be able to help you wth the chargeback. Always keep an eye on your kids to ensure what they are viewing on the internet.

I am a victim of skimming. What should I do?

The first thing you need to do is contact the credit card company. If your card is already used before you report it the company will not shoulder all the expenses. They will tell the amount that they covered. But if you report it before the card is used, they have the full responsibility for all the charges

How do I block my credit card?

In case your card is missing or stolen, you should contact your bank ask them to block the card for you. Some banks offer mobile apps so that you could block or deactivate your credit card remotely at any time and at any place in case of emergencies and incidents like the one that you are dealing with now.

Why should I liquidate? What exactly does it do?

Good day to you too, liquidating gives you the ability to transfer funds easily, making the transfer immediate and to have easier transactions, this in general is used in businesses that need to properly distribute funds and assets as soon as possible inorder for it to make a profit and for adjustment in general, this not only allows easier transactions but also helps in continuously managing profit and assets

How do I fix the errors in my newly applied credit card?

First of all stop right there, dont spend money you dont have, especially as grand as a car youd be stuck in debt before you even know it. Second you cant apply for multiple credit cards because companies keep track of those on your behalf, a bank isnt going to leave you credit that easy, you have to be reliable first to be able to pay for the credit that you borrow, my advice would be to hold off on all the spending and instead just save and invest.

should I use mine or should I avoid all completely

You just need to way out if it would be a priority to spend the money now and pay for it later, its all about answering the question of it being necessary? Because if it isnt then it I strongly suggest that you put the credit card down and just save up, credit cards pile up with interest but I dont think the interest that you expect is as big as you think, especially if you are able to pay for it in the span of months.

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