well since i can make the payments anymore i was thinking of just transfer balance everything i owe to one card and free up the others ones just in case i need to use them. do you think this is a good idea? can that one credit card sue me or do anything to me beside sending me to collection?
2006-09-27 09:21:51 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
Consolidating is usually a pretty good idea. Surely making one larger payment a month is easier (and costs less money) than making many small ones. If you do get all of your debt onto one card, however, I would suggest getting rid of the others, or keeping only one of them to use for emergencies.
2006-09-27 09:30:50 · answer #1 · answered by m_s 2 · 1⤊ 0⤋
If you have a lot of high balances, then you probably won't get one card that would allow you to do that.
Beside that, what you are proposing is fraud. I'm not being flip here, just honest. If you go out to get credit with the express purpose of defaulting, and they figure that out, they will come after you and hard.
Call your credit card companies and see if they will work with you. If your credit is going to be garbage anyway, maybe you just want to file for bankruptcy. If you are young and have a lot of debt, that might be the way to go. Talk to a lawyer.
2006-09-27 09:32:31 · answer #2 · answered by Fermat 4 · 0⤊ 0⤋
Yep they can sue you, get a judgement and then garnish your wages. Whether they will or not depends on on their policies and how much you owe them.
My suggestion would be to take advantage of a zero interest balance transfer offer (i get them in the mail all the time) that way you are at least not going backwards.
2006-09-27 09:30:59 · answer #3 · answered by Jim R 5 · 0⤊ 0⤋
.....................................BE CAREFUL................................
If you are planning to transfer debt from other credit cards to just one credit card...to be able to use the other credit cards...this is a really really bad idea. Because the credit bureaus will see a big balance on one account and will decrease your FICO by 50-70 points which is a lot..
The best thing you can do....is try transfer all the balance on one credit card to another...and be able to payoff all other credit cards...NO MORE SPENDING...NO MORE USING THEM...YOU WILL PAY THEM OFF otherwise the interest rates will eat you alive
please contact me at nicktony12@yahoo.com so that i can help you further
2006-09-27 11:37:08 · answer #4 · answered by christiansareawesome 4 · 0⤊ 0⤋
consolidate your debts:
Ways to Consolidate Debt
http://www.debt-explained.com/category/Ways-to-Consolidate-Debt.html
2006-09-28 01:02:37 · answer #5 · answered by men t 2 · 0⤊ 0⤋