Stop paying my crediit cards?

Question

My husband and I are in such debt. We are trying to decide if we just want to stop paying our credit cards--that would give us an extra 500 a month. I know that's going to lower our credit scores and make it harder to get a home loan and they are going to harass us by phone to no end, but is there anything else I should know? I mean, could we go to jail? Get sued? Please let me know!

Answer 1

I stopped paying my credit cards when they got out of hand and the worse that happened to me was a horrendous credit score. I was still able to buy my house. The credit cards eventually fell off of my credit report. Once in a blue, I still get calls, but I just block their numbers.

My credit is stellar now.

Answer 2

First of all you should try to pay the debt if there is anyway possible. You will regret having your credit ruined. If there is absolutely no way that you can pay then you would probably be better off filling for some form of bankruptcy. They will eliminate certain debts. You will still have to pay off student loans and any IRS debts. In the long run sometimes bankruptcy is a better option that just stopping payment and letting the accounts go to collections or charge offs. You can find bankruptcy attourneys in your yellow pages. Talk to a couple of different ones and find the one that you feel most comfortable with. They can explain your options to you and help you decide what is best for you and your family.

Answer 3

You will destroy your credit beyond repair. Not worth it in the long run!

Think about when your car dies and you need a new one, you arent going to get one if you have bad credit, and if you do, you will be paying 30% interest rates for a piece of junk car.

Bad credit can also effect your chances of getting a new job and may also make your bills higher. A lot of companies now look at credit scores in determing your rates.

Try calling a credit consolidation service. They are not for profit and will get you at a payment that you can handle all while getting those cards paid off.

And yes, you can get sued. If the CC companies writes off your balance, it is a negative hit on your credit every month that balance isnt paid.

You charged the cards up, it is your responsibility to not be a dead beat and pay them off.

Answer 4

No, you won't go to jail, but they WILL eventually sue you. And on down the road if you don't pay, they can and probably will attach a lien to any and all of your assets, including your bank accounts. Quite simply, you COULD lose your home if you own it. As far as your bank account, they will take every penny in your account without notice. I had that happen to me. Thank God it was a mistake and the money was put back. But, I had outstanding checks that bounced in the meantime. When they do this, there is absolutely nothing you can do about it. They get a court order to do it and the bank has no choice, but to comply. Trust me, I've been down that road....your credit score will be the least of your worries. The creditors also will harrass you until you're ready to scream! Please rethink this.

Answer 5

Ok, the first thing i would do is stop useing the cards.
if you keep using them, and are only paying the minimum balance each month, you are just going to keep digging holes. this may require some sacrifices in lifestyle. cut the premium cable package, and get the base package. eat out less. don't buy trendy cloths, buy walmart. whatever it takes, you have to reduce your expendatures. (and it acutaly is amazing how much money you can save by doing these sort of things) keep paying on the credit cards.
the only way out of debt is to pay it off, so that has to be your goal. your husband and you HAVE to talk about it, and agree to keep eachother in check when it comes to spending. Visit https://www.crownmoneymap.org and ustilize the tools they supply. The Crown financial group's primary goal is teaching people how to get out of debt and stay that way.
i wish you the best of luck.

when, (i say when because i have hope for you) you get out of debt, the best thing i can recoment for credit cards is to get one with a LOW limit. i personaly only use a card with a 500$ limit. i know i can pay it off each month, and this keeps me from driving myself into debt.

my final comment is this:
i have been told (and i have not managed to verify this) that useing many of the services that tout being able to stop colection calls and consolidate your bills into one small monthly payment has the same net efect on your credit rating as declaring yourself bankrupt. i stress, i have not confirmed this, but it is something to check before useing such a service.

Answer 6

Pay something call the credit card companies and write the letter. Communication is better than Stop! You must realize you owe people money and use their product and services. Your credit realize reflect that decision. You must find away to pay or consolidate. Yes, Yes, anything could happen in the middle of the night plus interest, attorney fees. Keep notes of all contact even if you pay $5 . Even bankrupt is not the same. Those people that you have eaten all the food, clothes, houses, etc.; and CHARGE IT!-- they let you use their credit cards--NOW you must pay in some way!

Answer 7

They can eventually take you to court and garishee any wages you earn. How about some help. This is what I did and trust me, I am not worried about credit collectors anymore.

http://annettes.womenswealthandwellness.com