Question:

What happens if I blow up a credit card?

by  |  earlier

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lets say I have like 3 credit cards and I go crazy and spend lots of money, but I never pay back. would I go to jail? or what would be the consequences other than bad cedit?

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  1. Your creditors can obtain judgments against you in court.  Once they have a judgment, they can put a lien on your bank account (take whatever money is there up to the amount you owe) or garnish your wages (take their money directly from your employer before you get paid).  Besides that, a judgment not only screws up your credit, but because it is a civil matter, it is more likely to affect you ability to gain employment in certain fields, housing, etc.


  2. isn't bad credit bad enough you can never buy anything like a car or a house. most of the time they turn you over to a collection agency. they can take you to court in a civil case the judge will order you to pay . there might be jail time if you don't pay after the court orders you to or they could garnish your check. they will get there money sooner or later.

    PS a civil case shows up on a  criminal record if someone should do a back ground check for a job or something

  3. You accounts will be considered defaulted on after the first 30 days of non-payment, it will continue as 60,90, 120. During this period the card companies will try and contact you to let you know what you already know. Your account is overdue. You'll attract what the going interest rates are on your cards for the unpaid balances.

    If after whatever time the card company cannot get their money from you. They'll sell your accounts to a collection agency. The agencies will be on you like the plague. Call you all day and night and threaten you. If they too cannot collect from you, you'll soon receive a summons to appear in court where a judgment will be issued against you. This is where they will seize your assets of value, garnish your wages and apply liens if they can. This will affect your credit adversley for a minimum of 7 years. Jail time is not likely. Having bad credit is a sentence in itself. At least in jail you can score points for good behaviour.

  4. If you do it, I would suggest wait 6 months then file bankruptcy. They will harass you like mad and you'll go insane from it. Then if you get a ch7, you don't have to pay anything. If you get a ch13, you will have to pay a certain amount back. Either way you will have crappy credit for some time.

  5. Court judgments and wage/bank account garnishment.

    Inability to rent an apartment or house.

    Denial of employment.

    Higher rates for insurance.

    etc.

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