Although I give payment monthly but not on the minimum due amount.
2007-02-22 19:17:26 · 16 answers · asked by califra 1 in Business & Finance ➔ Credit
No you shouldnt go to jail. You will more than likely get phone calls and letters from debt collectors. But if they see that you are making a payment no matter how big or small it is they cant leagally send you to jail. You may end up hurting your credit rating a bit but it depends for how this is going on and how much you owe and how much you pay etc. I know that when I had a cut in hours with one of my jobs and finally I quit as that is basically what they wanted... my credit cards went through the roof I wasnt able to pay them at all I could hardly pay my rent and buy food let alone paying off my credit cards. Eventually I got all sorts of phone calls from debt collectors that started out nice enough then they start to get a bit forcefull saying that they will send in the bailifts etc... dont panic too much they just do it to pressurize you into paying. They make it sound like it is THERE money when actual fact it isnt... If you are really struggling make an appointment to see a credit/debt advisor. They will sit down with you and see if they can get you a lower minmum payment that will get you back on to track with all of your finaces. GOOD LUCK!!
2007-02-22 19:28:24 · answer #1 · answered by daisy 2 · 0⤊ 0⤋
There is no longer what was commonly called "Debtors Prison" in the United States. While you can not be sent to jail, a credit card company could sue you in civil court to garnish your wages, 401k, or bank account (though the last two are rare).
Another obvious misfortune is that your credit rating will decrease meaning getting loans and some services will be harder or more expensive.
Most credit card companies will work to resolve the issue with you if you honestly are trying to pay off the debt. While they may seem hardnose at first you may have a good chanceat getting lower payments for a short period of time and then making larger payments to pay it off.
The most important thing is to NOT procrastinate and don't stop communicating with them. Let them know you are having difficulties paying.
2007-02-23 03:29:34 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No you will not go to jail if you dont pay your credit cards now if it's credit card fraud that is another story....let me tell you from past experience. if you cant afford to pay them at least the minimum amount due then dont pay them anything after about 6 months of no payments they will send your account to collections which will save you from late fee's and over limit fee's which you are probably receiving each month right now. Every time you dont pay at least the minimum amount they are charging you a late payment fee. if your overlimit they are charging you that fee each month as well to. GOOD LUCK try and negotiate with your credit card company about paying off the amount for less than you owe.
2007-02-23 03:32:08 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No, you will not go to jail. What you could do is call the credit card company explaining that you are trying to pay them what they are asking, but you just can't pay the minimum due amount and sometimes they can lower the interest rate for a few months to help you pay off your card sooner.
2007-02-23 03:28:29 · answer #4 · answered by Terry Z 4 · 0⤊ 0⤋
Your interest will just keep piling up and if you don't pay it all together it will go to collections and they will constantly call you and arrange for you to make a payment plan or arrange for you to pay it off and it is usually a lower amount then what was owed but then your credit won't be too good for a few years.
2007-02-23 03:27:15 · answer #5 · answered by Amby 2 · 0⤊ 0⤋
No, but if you continue to fail to make the minimum payment required your account can be sent to a collection agency.
The collection agency will attach their collection fees and you'll damage your credit. Failure to pay the collection agency's minimum amount (they make their own rules) results in garnishment of your wages. They can, by law, garnish a very sizeable amount of your paycheck and there's nothing you'd be able to do.
I'd cancel the card immediately, since you cannot afford it, and make payment arrangments.
2007-02-23 03:27:07 · answer #6 · answered by Anonymous · 1⤊ 0⤋
I don't know where you are from, so I don't you the laws of your land; however, in the U.S.A., you can be thrown in jail if you defraud the credit card company (i.e. giving false information in order to get one, or steal someone elses identity), but simply failing the payment, no.
2007-02-23 03:27:52 · answer #7 · answered by ripcurt 2 · 0⤊ 0⤋
No, we do not have the poor farm here in America anymore. They can lean something you have or even garnishee your paycheck if you have one. They can't send you to jail though unless you defy a court order.
2007-02-23 03:29:17 · answer #8 · answered by Anonymous · 0⤊ 0⤋
where do you think we live .. IRAN?
We dont jail people for missuse of credit. Its a civil matter and you can be ruined finacially, but you wont serve jail time unless you are engaging in Fraud somehow.
2007-02-23 08:58:57 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Yes, If you will not pay then you would be behind the bar.
I recently come out from the jail.
2007-02-23 03:21:15 · answer #10 · answered by Anonymous · 0⤊ 0⤋