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Dear Your Business Credit,I am employed by my own small business. It is failing, and I may just have to shut the doors. It is a child care. I own (or used to) the building appraised for $575,000. I borrowed $71,000 on seven credit cards to keep the business going. I will now walk away from the business owing $130,000. If I can keep two credit cards current, but default on the other five, what happens to the two I keep? Will they close my account? One is an American Express that I have had since 1984. Please advise and thank you so much! - TomDear Tom,I am sorry to hear about the challenges you're facing. To answer your question, I spoke with Richard Fine, a lawyer in Houston, for advice. Typically, he says, if you default on some of your credit cards, the other card issuers will notice this on your credit report and may lower your credit limit -- sometimes dramatically. "All of a sudden, your $10,000 credit limit is suddenly $500," he says, as an example.If you stay current on paying ...
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You've fallen in love with a cute dog or cat -- or rabbit, bird or snake -- and you're ready to bring the new addition home. Should you pull out your credit card to ...
Dear Cashing In,After my wife lost her job last year, we didn't want to cancel our vacation so we combined our points and miles to get as much as possible for free. ...
Dear Your Business Credit,My parents own a convenience store and as they get older, I'm gradually taking over. They only started taking credit cards recently, and on...
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Oh boy, that was not a good week at all for the market. And the even-worse news: I'm not sure it's going to get any better.Before you look at the chart below, keep i...
Warren Buffett is an investing genius. In fact, you may also know him as the "Sage, Wizard, or Oracle of Omaha." He is the primary shareholder, chairman, and CEO of ...
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Credit card brands always brag about their cards' ability to expand your purchasing power and vie with each other for the greatest universal acceptance worldwide. Re...
The U.S. economic recovery continues to be constrained by companies' reluctance to shell out the record $1.3 trillion of cash sitting idly on the sidelines.But why d...
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