What would happen if I can only pay 1.00 on my credit cards. I am paying in good faith, I just do not have any money.
2007-03-25 20:09:55 · 6 answers · asked by Donna L 3 in Business & Finance ➔ Credit
Companies honoring good faith payments went out the window years ago.
The credit card companies have no obligation to honor anything less then the monthly amount due, unless you work out a repayment plan with them.
If you are having problems making the payments, call the creditors and speak to them. Explain your situation, tell them how much you appreciate doing business with them and how you want to keep doing business with them, etc., etc.
See if they will work with you on a repayment plan, lowering the interest, your monthly amount due, etc.
They will probably freeze the use of the cards until the accounts are paid.
Many companies would rather work with you than not get paid at all.
2007-03-25 22:30:50 · answer #1 · answered by echo 7 · 1⤊ 0⤋
While you may consider paying just 1.00, even if the amount due is much higher than this, a sign of good faith on your part, it may not be sufficient on the part of the credit card company. They will continue to charge you interest on your unpaid balance and your outstanding balance will just increase that paying just 1.00 will no longer be enough.
In the long run, you will end up having to pay them just the same or you get sued for non-payment. Even if you file for bancruptcy, your credit rating will be affected that you may not be able to buy anything on credit anymore.
2007-03-25 20:25:21 · answer #2 · answered by jack 2 · 0⤊ 0⤋
interest will eat you alive, everything you own will be repossessed, and you'll eventually bottom out into the welfare state, where the only way out is having 11 children, or pornography.
talk to a credit counselor, possibly file for bankruptcy... and maybe try not to run up insurmountable credit card bills next time?
2007-03-25 20:12:48 · answer #3 · answered by doom_burrito 2 · 0⤊ 2⤋
Why not, at least you're paying. Write a check so you have proof you paid the $1.00
2007-03-25 20:12:10 · answer #4 · answered by newyorkgal71 7 · 1⤊ 1⤋
well then I guess you should have credit cards. You will incur so much interest that you will get yourself into more debt, and most likely have to file bankruptcy.
2007-03-25 20:32:21 · answer #5 · answered by DnBprincess850 5 · 0⤊ 1⤋
you will get hit with fees and penalties and be over your card limit in a month or 2 don't do it
2007-03-26 00:53:37 · answer #6 · answered by elite_women_rule_the_rock 6 · 0⤊ 0⤋