Credit card problems?? help!?

Question

If you Live with a parent who cant pay for there credit cards, and you are 18, can the credit company take all of your stuff too? or just the stuff your parent owns? I put my car in my name only as well, can they take that?

Answer 1

You are not responsible for your parents' debts. No way.

Answer 2

As long as you don't have any bank accounts with their names on them, you should be okay.  It's good that only your name is on your car.  Just because you live in the same place does not make you responsible for your parent's debt.  

Good luck.

Answer 3

I am assuming that you are not linked to these cards / debts & anything you own is actually in your name or not paid via these credit cards in question = you are in the clear & so are your possessions.  They can only repossess what was purchased as the cause of debt.  If these are "store cards"  they can, but seldom repo what was purchased.  If these are "Bank" cards (ex:  Visa, Mastercard) - they won't repo anything however they can, depending on the size of the debt take the owner of the debt to court, garnish wages etc... it all depends on the creditor, the purchase, the size of the debt....keep in mind that all credit card firm work individually & will not work together to get what they want.  If the individual debts (on a Bank card) is below 10k they will most likely continue with collection and scare tactics to try to get as much as they can of what they have lost.  

Please don't take this same path as your parent as is an exhausting & long road to over come.  Be smart with any credit that you get.

Answer 4

Dave Ramsey