2006-12-03 09:39:22 · 15 answers · asked by kevsheryl 1 in Business & Finance ➔ Credit
no they can't. credit card companies can't take your property or garnish your wages.
2006-12-03 09:42:11 · answer #1 · answered by Sarafinna 3 · 2⤊ 0⤋
No, they cannot. You can never attach unsecured debt to secured debt. Even if they get a judgment, they can place a LIEN on your home which has to be paid when you sell or refinance, but they can't TAKE the home. People default on credit card debt every day and keep their homes.
This is also a reason why you never want to take out a home equity loan to pay off credit cards...you're shifting unsecured debt to secured debt.
2006-12-03 10:46:47 · answer #2 · answered by Kevin K 3 · 2⤊ 0⤋
Why would you want to stop paying your credit card debt? Maybe you need to have a garage sale or sell stuff on eBay to get the money to get the credit cards out of your life forever. It sounds like you need a budget and get your finances back on track. Check out www.daveramsey.com
or
www.crown.org
And no, they can't take your house but they will hound you.
2006-12-03 09:45:09 · answer #3 · answered by mldjay 5 · 1⤊ 0⤋
Yes, you can stop paying your credit card because credit cards are unsecured debt. However, your credit will be crappy for seven years, you will be hounded by creditors for a couple years, and run the risk of your paycheck getting garnished (varies by each state). If you go the bankruptcy route, you will not loose your house, one car, etc. but your credit is crappy for 10 years. Good luck!
2006-12-03 09:46:08 · answer #4 · answered by Jeffrey 7 · 1⤊ 0⤋
If you stop paying your credit card debt, you will not only have collectors calling, but they will come after you and order you to come to court. Plus if your debt is not paid, they can send unpaid debt to the IRS and make you pay it during tax season. They might repossess anything they want, or take any action necessary to get their money. Believe me, it's not a good idea to not pay your debts.
2006-12-03 10:23:35 · answer #5 · answered by Renee W 2 · 0⤊ 1⤋
It will demolish your credit point by possible as much as 40 points. They can't take your home, but they can make your interest rate higher on future purposes, because it will affect your credit the next 7 years. My advice is to pay at least 5.00 month, it shows you are trying to pay it off.
2006-12-03 09:44:23 · answer #6 · answered by TM 2 · 1⤊ 0⤋
No they can't take your home...but u will have negative credit and your credit score will drop.....and those debts will be transferred over 2 collections......and those things can stay on your credit for 7 years...Why not refinance and consolidate the debt.....
2006-12-04 04:32:30 · answer #7 · answered by smiley20903 2 · 0⤊ 0⤋
well my sister stop paying her credit cards 4 year's ago she has3 morer year's to go befor her record will be clear it was not by choice she stop paying but because her husband had serious health problems
2006-12-03 09:58:33 · answer #8 · answered by mishoney 4 · 1⤊ 0⤋
They can sue, and get a judgment which is generally not enforceable against real property but can attach your wages and other personal property. And, of course, it will totally trash your credit rating. Considering how important credit is nowadays, that should cause fear and trembling.
2006-12-03 09:46:46 · answer #9 · answered by Anonymous · 1⤊ 0⤋
Credit cards can't touch your property, but banks can. I have a suspicion that repo workers are hated even more than tax workers.
2006-12-03 09:45:17 · answer #10 · answered by Canadian Bacon 3 · 1⤊ 0⤋
cant pay my credit cards anymore.have several totally around 8.000 all together.im 87 can they take my house..i just read they couldn't .but just want to make sure.
2016-09-19 10:03:48 · answer #11 · answered by Vickie Duncan 1 · 0⤊ 0⤋