What happens when you just stop paying on a credit card?

Question

Seriously, I have bad debt once out of college and this one card has a pretty high limit and it's maxed and I have tried calling them for assistance but they refuse to help me out and lower my payment.

I'm just curious what will happen besides ruin my credit. And spare me all the "you should pay back what you owe" I am quite aware.

Answer 1

Just curious but would you just stand by and accept it if your pay were suddenly cut because your employer was having a bit of trouble meeting payroll or would you start fighting to get what you were owed?

They can take you to court get a Judgment then help themselves to your monies or in most states a part of your wages.  Companies ARE beginning to take folks to court over these debts more and more now.  At minimum they make your life h**l with phone calls home, work ....

Answer 2

you are just a number in a computer base, when you stop paying the interest is added on , which can be as high as 22%, so you can see the mess that you are getting into, you don't ring the card cos. go and see your bank manager personally, many of them will help you work things out. if you don't pay your name goes onto a nation wide credit risk data base, so in 10 yrs time when you want a home loan , car loan. uh uh,sorry no can do

Answer 3

THEY TAKE YO SH*T!

like i mean, they shove a tube up your **** and just keep on pumpin!

Answer 4

for a while they will say your in default and simply charge you late fee's and the maximum apr allowed by law, and probably allot of collection calls, then you will get a charge off on your credit report and if the amount is high enough they might sue you

Answer 5

You need to call and speak to a credit councilor. There are many free counceling services. They will tell you what you need to do step by step. Best to do this before  you get too far behind in your payments. Some will even call the credit card company for you and negotiate.

A few of the things that can happen when the lender sues for the balance owed and wins:

They can garnish wages, levy bank accounts, put a lien on any property you own, force you to liquidate assets. There may be some property that is exempt. The credit councilor will let you know what it is.

Take Care and Good Luck.

Answer 6

Hi there,

The difficulty with credit card debt is that it can take so long to pay it off that you just get almost bored and spend again. Most people find it hard to live within their means and not get further into debt or back into debt.

I can recommend starting to buy everything with cash - I'm telling you, when you see those bills going through your fingers you will really cut back on your spending! It's far too easy to spend money you don't have with a credit card.

You have to get rid of your credit card debt. Either get a consolidation loan or consolidate your cards to ones with zero or low rates of interest. Once you have done this you MUST get rid of your old cards - cut them up and destroy them otherwise you will be tempted to spend on them again and get into even more serious problems.

You really can get out of credit card debt but it is going to require some discipline and self control and maybe even a five year plan, but once you are out of debt you will feel a new found sense of freedom!

Hope that helps, but please let me know if you need any more info :)

Answer 7

WELL.... WHEN YOU STOP PAYING... THE COMPANY WILL SEND YOU TO COLLECTIONS... AND YOU WILL GET CALLS FROM THE CREDIT CARD COMPANY ALL DAY AND NIGHT (EVEN SUNDAYS) UNTIL YOU PAY OR UNTIL YOU GET A BANKRUPTCY LAWYER,,, IF YOU FILE FOR CHAPTER 13 BANCKRUPTCY, THEY WILL DISCHARGE YOU OF ALL YOUR DEBT.... AND THE CREDITORS WILL STOP HARASSING YOU.....GOOD

LUCK!!!!!!!!!!

CORRECTION ITS CHAPTER 7 THAT DISCHARGES YOU OF ALL YOUR DEBT...SORRY..

Answer 8

You get calls to your home and likely work, constantly.

Did IT work for a call center that did that, and some of the people actually enjoyed going after people like you, so seriously expect some crazy stuff.

Depending on the amount and timing, they might go to court. But it would have to be a fair sized bit.

Answer 9

They will charge you a fee every month that you are late or dont make a payment which will put you over your limit which they will also charge you for. Before you know it you will be oweing hundreds more than you do just now. The best thing to do is not ignore it but pay it off as soon as you can. I learnt the hard way

Answer 10

Oh...

Their going to get their money..

They dont just say "Ohh..well...she's not paying...guess we aint gonna get it"

They'll get it.. I'm sure theres a legal way they can go about it.

Answer 11

They can get a judgment against you and garnishee your wages. Depending on where you live that could mean that they take everything but $300 a month from your net income.

Have you looked into debt consolidation or credit counselling?

Answer 12

Well it will seriously affect your credit score. Most places want to run a credit check on you just to rent you an apartment. If your credit is bad they won't rent to you. You won't be able to get a vehicle unless you can pay cash up front or get someone to cosign with you. You won't be able to buy a home anytime soon because no bank will touch bad credit with a 10 ft pole. If you get married you will pass your crappy credit on to your spouse, even if they had good credit before they married you. That can cause tension in a marriage. Being blocked from your goals because of a silly decision you made when you were younger, can be very embarassing and stressful later.  

Answer 13

Besides ruining your credit, they will get a judgement against you and garnish your wages for any job you have for the next 7 years.  They could also take any assets you own.

The ruined credit could stop you from getting a decent job as most companie run credit checks now a days.

Answer 14

I have stopped paying those low life's and the battle with them has been fun!  Look at it as a war and use all your assets to give them a hard time.    Let the games begin.....and good luck friend.

Answer 15

Sounds like a good Idea to me. Honestly there is nothing the credit card companies can do about it besides trash your rating. They really don't care about you, just your payment. It is really a way of indentured servatude. You have essentially enslaved yourself only mentally. Physically they can never send you to jail for not paying. There is no debtors prison. So go ahead and charge away. But first apply for as much as you can get. The credit cards just make up that money out of thin air anyway. Its unsecured on there end as well.

Find out how you can have your life back by taking the right step to do your credit card debt settlement. It is easier than what you thought.

http://creditcardebtreduction.blogspot.c...