I havent paid my credit cards!!!!?

Question

irresponsible i know. I am a 20 yrold student on my own, I injured my knee had to pay for my 3rd knee surgery, and couldnt afford to keep my two credit cards current! So, its been 150 days since I have paid them, and I get a call today saying they have been signed off to litigation! so what do i do now?

Also, a lien would be placed on any of my assets for 7 yr period. What exactly does this mean?

Answer 1

they will tell you anything to get you to pay. dont believe anything a credit collection agency says. go to daveramsey.com and listen to his radio show.

Answer 2

Save your money; your credit already took a hit. At some point you will able to talk about a 1-time settlement for maybe 50 cents on the dollar. As far as your assets they are talking about a home or possibly garnishing your wages if they could get a judgment against you. This process takes months. If the collection agent had done a good job, they would have explained this to you to really grab your attention and motivate you to pay but instead they left you confused.

Answer 3

I would suggest you to join a debt settlement company who will negotiate with your creditors and bring down your principal debt amount by around 30% to 70% depending on your credit companies.

You can make affordable monthly payments and be out of debt within 36 months depending on how much you can afford as monthly payments.

The debt settlement companies will work with collection agencies and law firms too. Check this debt settlement company who helped me out with the unsecured debt situation.

http://www.debtfreeafterall.com

Good Luck

Answer 4

Are you able to work? I would think one of your best options would be to start paying on them. I can't imagine they would take someone to court that is sending them money. Listen to Dave Ramsey and maybe even call him up and ask him what to do.

Answer 5

See a credit counselor.