If i didnt pay my credit cards debt is that considered fraud?

Question

If i didnt pay my credit cards debt is that considered fraud?

Answer 1

It's not really fraud but it is a non compliance of your account contract. You agreed to pay for what you owe and you didn't so legally you are on the hook for the debt.

Answer 2

Hi,

I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.I came across this company on NBC News Special Edition.Check it out here:

http://urlhawk.com/29x

Answer 3

It is only fraud if you knew at the time of purchase that you would not be paying it.

Answer 4

no. it is considered a breach of agreement, not fraud. technically the CC allowed you to spend the money so it isnt illegal and you arent going to jail. They will come after you with collections and negative marks on your report and if you owe them tens of thousands, they will take you to court and get a judgement against you. No jail. We got rid of debtor's prison a long time ago :)

Answer 5

It's not fraud but you would be doing yourself a great disservice by not paying your debts.  Not only would you have to put up with the hassle of collection agencies, but you would damage your credit which could make it difficult to move into an apartment or in some cases get a job.

The longer you wait to begin repaying the more interest and penalties will be added to your account balances.  So first try to contact your creditors and work out a payment plan, you can ask them to stop adding penalties and reduce the interest rate.  If that doesn't work you may have to contact a credit counseling agency for help.  The downside of this is that using a counseling agency shows up as a bankruptcy on your credit history.  This is still better than having a history of non-payment.

Paying debt is not easy but the rewards are worth it.

God bless!