For credit card debt, is the spouse responsible for it, too?

I have a charged off credit card account under my name only.


I wonder the credit card company will be able to go after my wife's asset to collect the debt I owe.For credit card debt, is the spouse responsible for it, too?
With much difficulty. Nothing automatic about it. And they'd still have to win a legal judgment in court to do so.





Credit card companies make lots of money. The issue is not whether they're making money, but HOW much money they're making THIS year. When the credit card industry makes $9 Billion just in late fees ALONE in a single year, you can imagine how much they're making in over-limit fees, and interest that approaches 25%. Don't feel sorry for the poor credit card companies that they only made a bajillion bucks this quarter.





So when they charge off a debt, they still get some money back for it. First, in reduced taxes for the loss, and then again when a private debt recovery company buys the debt from them. Now, it's THOSE companies you have to worry about. First, they bought the debt for pennies on the dollar, next they tack on all sorts of 'fees', penalties, and interest (that was never agreed to, which makes it invalid), and THEN they sue you in court, hoping that you won't show up. If you don't, they get the entire judgment by default. That makes a $300 credit card debt worth $3,000 or more for them (for which they paid $30 and some court filing fees).





After that, they can search out whatever holdings you have and grab them to satisfy the judgment, even if jointly held by a spouse. It's up to YOU to take them back to court to contest their right to do so. (Mostly you'll win, but you still have to challenge it. Otherwise, they keep it.)





By the way, is everyone familiar with Universal Default? That means your credit card company can review your credit record whenever they like. Even if you've been paying on time, never late, always diligent, if they see where you've had a credit problem with any other company, they can lower your credit limit (placing you in a montly over-limit fee category until your balance falls below the new limit), higher interest rates, and even cancellation of your card, which lowers your credit score, leading to more universal default decisions by other credit card companies.





Now, how would you like to be buying a car, making your payments every month, never late, keeping it insured, doing everything you need to do, and the finance company comes along and takes it away because you had a dispute with some other company that isn't even related? And this in turn causes your mortgage company to foreclose on your home, even with all the thousands of dollars you've paid into it?





Don't pity the poor credit card companies because their profits are down this year. And they're only making tens of billions of dollars in profit rather than hundreds of billions.For credit card debt, is the spouse responsible for it, too?
Actually, the answer is a qualified yes, depending on what state you are in. Many states allow a judgment to be placed on assets considered joint-tenants in common for married couples. An example would be a joint bank account.





Anything solely in her name will generally be safe.





Note that if they chose to charge it off, they have already claimed it as a loss and therefore are unlikely to pursue assets.
No! Your spouse is not responsible unless she signed for the card.