Hi, i was told by someone that it is possible to get a credit card written off if you entered into it being under the age of 21... I have a card that i got when i was 18 and the interest rate is 28% and im 24 and the balance just keeeps goin up.. its horrible... so if this is true and anyone has information for me that would be great!! Iv never gotten another credit card since then!! ALso, i live in Mississippi, so im not sure if it varies by state....
2007-07-24 08:03:46 · 8 answers · asked by MandiGurl M 2 in Politics & Government ➔ Law & Ethics
You can legally enter into contracts at 18, so I see no reason why this would be true. Especially when you consider that no credit card company would give cards to people under 21 if it was true. Sorry, looks ,like you've got to pay your bills.
2007-07-24 08:08:50 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You would have to check the statute in your state, but what you are getting at is a contract question. Technically, a minor cannot enter into a binding contract. I have heard of 15 year olds getting out of contracts for such things as cars, etc. You said you were 18 when you got the card - prob not a minor. Again, check the MS statute. This is not legal advice of any kind - just something i heard once.
2007-07-24 08:08:50 · answer #2 · answered by Rob 1 · 0⤊ 0⤋
Two problems here:
1. In Mississippi, the legal age to enter into contracts is 18, and not 21.
2. Even if the age were 21, you would still be required to disaffirm the contract. If you let three years go by without taking action to disaffirm the contract, then you will be considered to have affirmed the contract, and waive all rights to use your age as a reason to disavow the contract.
2007-07-24 09:23:00 · answer #3 · answered by Mr Placid 7 · 0⤊ 0⤋
I highly doubt that's true. I'm kind of in the same boat as you and the only option I have is to pay them down. It sucks because I was 18 and stupid and now I'm paying for it. But sit down with a credit counselor or some type of financial person. They should be able to help you map out a way to pay that card down. Once you have a plan I hope you won't feel so overwhelmed!! I know that was true for me. Good luck!!! :-)
2007-07-24 08:14:05 · answer #4 · answered by purpledaisy102 2 · 0⤊ 0⤋
Not true. Any debts incurred by you are yours, unless you declare bankruptcy or renegotiate the loan. First thing I would do is call the credit card company and ask for a lower rate. If they say no, see about transferring the balance to another card.
2007-07-24 08:11:05 · answer #5 · answered by Big Momma Carnivore 5 · 0⤊ 0⤋
This person is full of crap. You are responsible for all the debt you incurred after you turned 18. Cut up all your credit cards and talk to a credit counselor immediately to set up a repayment plan to pay off your credit card. You are going to have to make more than the minimum monthly payment to pay off the bill.
2007-07-24 08:09:18 · answer #6 · answered by msi_cord 7 · 0⤊ 0⤋
No, if you signed it before you turned 18 you might have a chance -- but then again, the contract probably stated that you have to be over 18, so if you signed it then, you'd be guilty of fraud, not them.
I would recommend a credit counseling service, they might be able to help you get your debt consolidated or your interest rates lowered. Try to pay it off, then cut it up.
2007-07-24 08:14:10 · answer #7 · answered by Hillary 6 · 0⤊ 0⤋
Intriguing!
2007-07-24 08:07:05 · answer #8 · answered by Sami V 7 · 0⤊ 0⤋