i lost my job and i owe about 20k on all my credit cards. i want to transfer all the balance to one card and make one payment. but what happen if i cant afford to pay it anymore will that one card sue me for transfering everything i owe to that one card???
2006-09-27 09:14:33 · 6 answers · asked by Anonymous in Business & Finance ➔ Credit
Yes they will probably sue you for defaulting on 20K. If they win they will then try to garnish your wages.
you are better off trying to work out a deal with them until you get back on your feet.
2006-09-27 09:32:39 · answer #1 · answered by Jim R 5 · 0⤊ 0⤋
If you can't pay the bill they'd put you into collections and you'd probably receive multiple unfriendly phone calls until you pay. It would also have a heavy impact on your credit score which could affect your interest rates and ability to receive credit in the future. Another option is to get a credit counselor which may be able to negotiate a lower payment. I strongly advise to do everything possible to work it out yourself since using a credit counselor will also negatively affect your credit rating. If you can't pay the bill yourself you may want to attempt to negotiate with a supervisor before taking any further measures. Also please don't confuse this with expert advise, as I'm not an expert!
2006-09-27 16:34:37 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No theywill demand payment in full if you dont make your monthly installments. Try credit counseling where they help you lower your credit card debt
2006-09-27 16:17:45 · answer #3 · answered by WILLIAM W 2 · 0⤊ 0⤋
you sound too stupid to own a credit card
how could you spend 20k on all your credit cards and not how they work?
2006-09-27 16:19:04 · answer #4 · answered by matt d 2 · 0⤊ 0⤋
If you committed fraud by accepting credit that you had no chance of paying, they could take action.
2006-09-27 16:22:13 · answer #5 · answered by united9198 7 · 0⤊ 1⤋
they harrass you until you have to file bankruptcy.
did you have insurance protection?
2006-09-27 20:23:46 · answer #6 · answered by Anonymous · 0⤊ 0⤋