Not paying credit card debt????

Question

What will happen if I don't pay off credit card debt? I recently moved to a different state for work and things got really messed up financially for me. I'm working 2 jobs to get back on my feet but am really late on cc payments. What happens if I don't pay them off? Could jail time actually be considered here?

Answer 1

Your credit rating will be shot - whcih can affect buying a home, a car, getting new credit or even sometimes getting a job for up to 10 years.

Also they will put you in collections - and the debt collectors will still find you - it is all through your social security number not your address. Eventually they will sue you for a judgement and they will win then they can garnish your wages - which means they will have legal means to go to your employer with the judgement and your employer will have to withhold a portion of your paycheck and send it to them.  

Depending on the amount of the debt and your measures not to repay they can also seek jail time.

My advice look into some kind of debt mediation program.  They often work with their customers and the credit card companies to get a debt paid off. It can take several years, but they will get the credit card companies to stop piling on more late and interest fees, and in the end your credit report will remain clean.

Try www.sdswest.com

Answer 2

Some of the big guys may serve you with court papers after about a year of not paying. Debt to one company would need to be in the $10,000 are for them to bother with it.

In the long run if you really are not going to pay declear bankruptcy. You'll need to fill out a few pages of paperwork that lists all your debts. You also list how much you make and your savings. If you have a lot then they can take some from you to pay off some. If you are just getting by then you will just walk away. You can start getting small loans and cc about a year after you file. You can even get a home loan after 3 years. Your interest rates will be higher for at least 7 years.

If you just stop paying then stuff will be around a lot longer then 7 years. It will take most companies a year to write off the debt. Then they will move to collections for a year. Maybe after that then it will be written off as a loss. Then after 7 years it might not be on your report any longer.

If you really have to give up then do it the right way and file. Do the paperwork yourself and it will only be $200 or less by the time you are done with everything.

Answer 3

they can take you to court and garnish your wages, put a lien on your property garnish your bank accounts

Answer 4

they could/will send you to collections in which they can sue you and the court can/will garnish your wages.

but call your cc company 1st

Answer 5

there is no such thing as debtors jail any more.  if you need help, call your credit card companies.. sure the collector can be harsh but if you express that you are willing to work something out with them then they can be your best friends..  they are like the key here.  Collectors can remove fees, put you in programs, give you credits for paying, that is if you are willing to work with them and aren't an *** about it.. if ur rude they will shut down real quick but if you r nice they bend over backwards for an arangement--- remember they get paid when you pay!