2006-11-16 13:18:16 · 9 answers · asked by Thin_man57 1 in Business & Finance ➔ Credit
Defaut....f 'em
2006-11-16 13:19:30 · answer #1 · answered by george_the_cat 2 · 0⤊ 0⤋
Well if u cannot afford to pay any of your credit card debt then the provider of the card will put you through to debt collection. If u do not organise an arrangement to pay it back to them they can file you as being bankrupt and your credit report automatically goes into the black.
You then have to go to court and file for bankruptcy and you have to pay all the legal fee's and regardless u may still have to pay back the debt anyway.
You are best to talk to your credit provider and come to a suitable arrangement to pay it back (what u can afford no matter how small it is). Once you are bankrupt you cannot claim ANY credit with ANY company in your country for a certain period of time (usually years).
2006-11-16 13:23:03 · answer #2 · answered by gr33n_3y3d_grrl 5 · 0⤊ 0⤋
First, close all your accounts and cut up your cards. Then, try to double your minimum payments and just make sure that you are on time. I would suggest also trying a credit counselor, they can help you with getting credit card companies to lower your interest rate or help with a worthy payment schedule. If you are clearly in over your head, you may want to get a debt consolidation or an equity line of credit (for homeowners). Then, your debt is rolled into one loan and you will save each month with a single payment. Good luck! I just refinanced and I know hard it is!
2006-11-16 13:30:18 · answer #3 · answered by lynnguys 6 · 0⤊ 0⤋
If you have access to any other source of equity (i.e. house) you should refinance and pay off the debt
If not, consider:
1) Negotiate with the CC companies to lower your interest rates and/or a lower principal to pay off. This might ding your credit but I think that's not a big concern for you right now.
2) Credit Counseling.
3) Bankruptcy. Used to be a clean start but with the new laws, it's much harder to get rid of your debt completely. Stays on your record for 7 years.
2006-11-16 13:21:38 · answer #4 · answered by empathy 2 · 0⤊ 0⤋
cancel the card.
ask for a settlement by calling the # on the back of your card.
you could let your card charge off. if you don't make any kind of payments for 180 days then your card will charge off and you will get an R9 on your credit score. it takes 7 years to get your credit back together and an R9 is not a good thing to get.
call in and see what the minimum is. if you can at least pay that everymonth before the due date, then you won't be getting those past due fees added on.
2006-11-17 16:03:00 · answer #5 · answered by Starry Eyes 5 · 0⤊ 0⤋
Stop spending and pay as much as you can every month. Eventually you will pay them off. In fact I would cut up the cards you have since you are not able to spend wisely enough on them not to get yourself into a serious hole.
2006-11-16 13:23:05 · answer #6 · answered by mamatohaley+1 4 · 0⤊ 0⤋
Get a second job and stop using your credit card.
2006-11-16 13:19:40 · answer #7 · answered by Habester 3 · 0⤊ 0⤋
try consolidation with a credit counseling bureau.
http://www.cccsatl.org/
they didn't lower my payments much but they lowered the interest a lot so it made paying them off easier.
other than that check into bankruptcy or just move to bolivia or something.
2006-11-16 13:24:16 · answer #8 · answered by Anonymous · 1⤊ 0⤋
Wait out the seven years.
2006-11-16 13:55:58 · answer #9 · answered by robert m 7 · 0⤊ 0⤋