Ask Todd Ossenfort - The Credit Guy

You've asked your questions about credit and debt related matters and industry expert Todd Ossenfort has answered. View The Credit Guy's responses here.

Todd Ossenfort: A Credit Counselor can help those struggling with credit card debt

How can you pay off a substantial amount of credit card without interrupting your credit?  That was a question presented to Todd Ossenfort recently from a reader, and while not easy, there are options which can help pay down those high interest credit cards and set you on the path to improving your credit.   » read more

Shopping for the Right Credit Card With Todd Ossenfort

Shopping for the right credit card is a smart decision, but understanding how shopping can affect your credit score is was a recent question Jerry asked.  » read more

Todd Ossenfort gives advice on establishing credit after bankruptcy

Recently I was asked about how to re-establish credit after filing bankruptcy.  It's a challenge, that's no doubt, but it's not impossible. » read more

Todd Ossenfort: Fixed Rate Credit Cards and the Universal Default Clause

April 18, 2013 - Todd, we had a credit card with a fixed rate for the life of the card and we paid more than the payment due and on time. Then out of the blue our rate was increased to 21 percent. When I called to question it, I was told it was raised due to high balances on other cards we had, which are also paid more than payment due and on time E4CKABT5K8V9. » read more

Poor Investment Strategies Can Lead to Debt According to Todd Ossenfort

April 18, 2013 – Mr. Ossenfort, a few years ago I invested thirteen thousand dollars into Alien Trust, which was an Internet scam. To get the money I got cash advances from credit cards. Now I’m stuck living with my in-laws and am tired of living here. I couldn’t afford the interest rate so they put all of my debt in their names. My question is if I get the debt put back in my name and quit paying it, will I have bad credit for the rest of my life? Or what will happen if I file bankruptcy? » read more

Todd Ossenfort Answers Your Questions on Delinquent Credit Card Debt

April 17, 2013 - Todd Ossenfort, The Credit Guy: Hello Mr. Ossenfort: Hi, I have a delinquent credit card for $10,000 and I want to fix my credit again but I don’t want to pay 30.99% interest on the card and I don’t have 10 grand lying around anymore. What should I do? My son has one of those Amex cards and has offered to add me to the account and transfer the balance to it. Should I do it that way? Or should I just wait for it to charge off because it has been delinquent for over a year? » read more

Wage Garnishments By Credit Card Companies for Debt Collection

Dear Credit Guy, Two days ago, I recieved garnishment papers from a credit card company.  Within three days they took money out of our checking account.  My husband is now talking to a lawyer about filing for bankruptcy. Can they just keep taking money out of our checking account without us knowing? I had 10 days to send in the paperwork for garnishment, but I didn't know that they would take money out of our checking account prior to me sending the paperwork back.  Please advise.  Heather » read more

Do you suspect Identity Theft

Dear Credit Guy, Not long ago,  I received a preapproved credit card application addressed to my home address, but the name on the application was a distant relative, who doesn't even live in the same state.  I called the credit card company, they assured me there was no account holder by that person's name with my address.  Should I suspect identity fraud?   Do I need to be worried? » read more

Dear Todd The Debt Collectors Won't Stop Calling

I have a credit card that I have been paying $150 a month for.  I have been paying more than the minimum payment.  But now, I'm unable to make the minimum payment.  The credit card company is unhappy with my lower payment.  They call me all the time, day and night.  They refused to help me out in any way.  They have been very nasty and are telling me to borrow money from my family.   » read more

Todd Ossenfort Paying With Cash Can Save You Money

Dear Credit Guy, I just recieved a letter from my child's daycare, they will be increasing my monthly payments if we continue to pay by credit card instead of check.  Can they do that?  This seems like a scam to me.  Can you clarify this for me?  -- Amber » read more

If you cant afford to pay all of your credit cards what should you do

Dear Credit Guy, I have three credit cards, I can only pay two of them right now.   Will not paying on that one credit card affect my credit score and the other two cards?  Thank you. -- Mike » read more