Can a debt that is only 5 dollars, for example, be moved into collections and damage your credit rating?
2006-07-21 17:31:41 · 6 answers · asked by J Q 1 in Politics & Government ➔ Law & Ethics
I got my credit report last year-right before I filed Chapter 7 & I had a collection on my report for $1.67--so my suggestion to you is to pay that $5 bill:)
2006-07-21 17:36:41 · answer #1 · answered by cooserjen 2 · 1⤊ 1⤋
Yes!!!! It sure can if you don't pay it. Because once you stop paying on the credit card, they charge you late lees and such. So, to answer your question a little better...$5 won't go to collections, but you'll get even deeper in debt if you don't pay on it. If I understand correctly, (because unfortunately my debt has gone to collection agencies at this point)...it goes to collection agencies when you don't pay anything for about a year.
2006-07-21 17:37:09 · answer #2 · answered by Jenn 6 · 0⤊ 0⤋
Yes it can anything that you do not pay can and more than likely be sent to collections it is something that you owe think about it what if everyone owed 5 bucks that company would be in debt big time if not out of business just letting it slide they trusted you to pay it so that is your obligation no matter how big or small
2006-07-21 17:38:25 · answer #3 · answered by eeyore_0816 4 · 0⤊ 0⤋
yes for sure. its worth it to just pay the $5 than it would be to fight the headache that would come from the headache of having a collection agency contact you. however if it isnt your money that is owed, file a grieveance with the credit reporting agency
2006-07-21 19:01:20 · answer #4 · answered by sammy0623 2 · 0⤊ 0⤋
There is no minimum amount. Mke sure youpay your debts. You can have your wages garnished, your tax return held or a lein on your house for as little as 100 dollars.
2006-07-21 17:35:30 · answer #5 · answered by Lisa N 5 · 0⤊ 0⤋
pretty much, yup. if they wanted they could come after you for five cents.
2006-07-21 17:35:09 · answer #6 · answered by Megg 2 · 0⤊ 0⤋