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Liquidating credit

Debt is a term that relates an amount of money that is owed by one party to another.

When a fixed dollar amount is known for that debt -- meaning the debt is clear and undisputed by either party -- the debt is known as a liquidated debt.

If your answer is “Having one card totally paid off,” then throw as much money as you can toward the card with the lowest balance first, says Curtis Arnold, the founder of Card Ratings.com, a credit-card–comparison site.

(Yes, do this even if you need to pay only the minimum on your other cards in the meantime.) If your answer is “Boosting my credit score,” then tackle the card with the highest utilization rate (that’s your balance divided by the card’s limit).

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For example, if you are sued in court for monetary damages, the amount of damages owed is liquidated debt, but the debt only becomes liquidated once the jury or judge determines the amount of money owed.

Prior to that determination, your legal obligations are unknown, and the debt is considered unliquidated.

232 comments

  1. Most banks will let you apply for up to 25k in credit cards with unstated financials. These are not true business lines of credit as most people think of when they think of lines, because you are unable to truly liquidate these into cash without some sort of fee. The key difference here is understanding that the.

  2. Page 1 CREDIT CARD LIQUIDATION STRATEGIES Important Disclosure Before you begin, please note that the techniques and ideas suggested here might not be applicable for every situation. Additionally, it.

  3. Liquidating Assets. You may want to consider liquidating any assets you have and using that money to help pay down your debts. The basic definition of an asset is anything that can be sold or converted into cash. Assets include large items such as a house, car or recreational vehicle, but also can include things like.

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