Tag: debt

The Debt Time Bomb: What Happens When You Stop Paying Old Credit Card Bills
January 8, 2024 Off

The Debt Time Bomb: What Happens When You Stop Paying Old Credit Card Bills

By The Admiral Staff

The letter addresses a reader struggling with old credit card debt and wondering about the consequences of stopping payments on closed accounts. The key takeaway is that while debt collectors can’t sue you after the statute of limitations (typically 3-10 years, varying by state) has passed, they can still report the debt to credit bureaus and contact you. Making payments resets the statute of limitations. While non-payment carries risks like potential lawsuits, negative credit reporting, and accruing interest, the author suggests it

The Business Gambit: Friendship, Loans, and a Potential Power Grab
December 10, 2023 Off

The Business Gambit: Friendship, Loans, and a Potential Power Grab

By The Admiral Staff

A man is concerned about his wife’s plan to seize her friend’s business as collateral for a loan, potentially damaging their friendship. The agreement, notarized but potentially predatory, involves the friend’s business and possible employment for the friend if the debt isn’t repaid. An attorney suggests the agreement might be enforceable, though the notary’s role is limited to verifying identities, and predatory lending laws vary by state. The writer expresses distrust of his wife, noting a history of withholding information

Marrying My Stubborn Boyfriend: Protecting My Future
January 31, 2023 Off

Marrying My Stubborn Boyfriend: Protecting My Future

By The Admiral Staff

A woman is concerned about marrying her boyfriend of two and a half years due to his financial irresponsibility (delinquent student loan debt and a lack of administrative follow-through) and past health issues. While she loves him and envisions a future together, she fears becoming financially burdened by his actions and worries about potential medical expenses. The financial advisor suggests exploring options like long-term care insurance or Medicaid compliant annuities to protect her savings, but emphasizes the larger issue: her boyfriend’s lack of responsibility