i am retired and live on SS and have been using credits Cards and now I am getting to a point where I can't afford them and just want to stop. What is the worst that can happen? I don't care about my credit rating cuz I will not be buying a car or home again. If they call to collect I will just ignore their calls. If they sue me can I just ignore that to? Can I go to jail?
2006-08-03 03:34:24 · 10 answers · asked by mamffl 2 in Business & Finance ➔ Personal Finance
The first thing to do is to stop using your credit cards. The second thing would be to go to a financial counselor who can help you set up a repayment schedule that you can afford and that the credit card companies will accept. You can approach the credit card companies on your own, but you won't be nearly as successful as a credit counselor is.
I also am retired (i.e. disabled) and on Social Security Disability. When I first became disabled, I realized that I better work on getting my debts paid off. It wasn't easy, but I did it. I have been debt free for about 15 years now. It gives me a wonderful sense of freedom. I do have one credit card that I use regularly, but my rule is that I must be able to pay the entire bill when it is due. If I spend more than I can payoff, then I will stop using the cards.
It takes paying careful attention in order to stay debt free, but it is worth it.
2006-08-03 03:42:56 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You could be forced into personal bankruptcy to stop their collection efforts. Your credit rating will be destroyed and you will become fair game for every shyster lawyer in the world. You will discover how little anyone cares about the sacntity of human life or living with dignity. You will regret the decision to have or use a credit card as long as you live. You will eventually be drivien to severe and permanent depression and probably commit suicide if you are unable to successfully declare bankruptcy.
At that point, you will be a pariah and a social outcast.
OK so I'm exaggerating a little, but it isn't a pleasant experience.
2006-08-03 04:18:57 · answer #2 · answered by Georges 3 · 0⤊ 0⤋
Fortunately for you there's no debtors prison any more so no you won't go to jail...however if you have a house that you own you will inevitably loose it and potentially end up on the street. Of course it's clear you don't give a bleep because you want to shirk your responsiblity to your creditors by just ceasing to pay...Ha, ha, ha...the joke is on you because under the new BK laws if you have any income of any kind even SS than you'll be obliged to give them something FOREVER. I suggest you contact a consumer credit agency that's free and get advice on working out settlements with the creditors that you can afford...If not remember what I said about BK...Get a lawyer and give it a shot. PEACE!
2006-08-03 03:41:15 · answer #3 · answered by thebigm57 7 · 0⤊ 0⤋
Jerks like you raise the costs of credit for people that pay their bills religiously and who care about their credit rating . Deadbeats like you deserve to have the banks come after everything you own and garnish all your income . The rest pay for losers like you and yeah you are right you will not be buying anything on credit as long as you live !!! Too bad they on't have debtors prisons for losers like you . You are a real derg on society and a loser too .
2006-08-03 07:16:57 · answer #4 · answered by Anonymous · 0⤊ 1⤋
I looked up a reputable internet site that answers that very question : What happens if I just walk away from credit card debt? You can read the response by clicking the below:
http://www.bankrate.com/brm/news/debt/20051007a1.asp
Essentially, yes, you can walk away from it. But there could be consequences, depending on future plans and living circumstances. Read the short list of negative possibilities and at least be aware of them as you make your decision.
2006-08-03 03:49:02 · answer #5 · answered by nothing 6 · 0⤊ 0⤋
NO .. you will not go to jail and probably wont even have to go to court. If you owe more than you can afford I would send them a letter, keep copies, telling them that you cant pay the bill and you will destroy the card. It will probably be written off and forgotten.
2006-08-03 03:46:08 · answer #6 · answered by Mike M 4 · 0⤊ 0⤋
They can come claim your property! Talk with a credit bureau to pay down the debt - sometimes they can get a lot of it "overlooked" and you only pay a part of it. Who needs the harrassment.
2006-08-03 03:40:42 · answer #7 · answered by lrad1952 5 · 0⤊ 0⤋
They can start taking things away to pay for your debts like your house and car.
2006-08-03 03:39:30 · answer #8 · answered by Christina 7 · 0⤊ 0⤋
ur bill will get higher because of late fees so try as best as u can to pay them
2006-08-03 03:38:26 · answer #9 · answered by future in air force 1 · 0⤊ 0⤋
Deciding to steal their money, money lent to you, is still STEALING.
2006-08-03 04:38:49 · answer #10 · answered by bereftcat 4 · 0⤊ 0⤋