What will happen to me when I can't, and won't make payments?
2007-10-19 12:30:23 · 8 answers · asked by nick m 1 in Business & Finance ➔ Personal Finance
you will go into collections and get lots of nasty calls from some ugly people
2007-10-19 12:40:50 · answer #1 · answered by Jane 6 · 1⤊ 1⤋
The first thing you should do is cut up your cards. This is the first step. You sound like you are very motivated to get out from under the Credit Card Companies thumb.
The second thing to do is call the credit card companies and have them cut off the accounts. Tell them you can no longer make the high payments and need to set up a payment plan. Don't buckle. Tell them you are in serious trouble and if they can reduce the interest rates and set up a payment plan you will stick with it. Again, don't buckle.
The third thing to do is make a budget. The objective of a budget is to budget for things you need like electricity, a place to stay, reliable transportation and minimum cell phone or home phone service. If you are really serious about this you can shut off things you don't need like cable or high speed internet. Go with a free or $9.99 dial up. Only use your internet to get email. Because you can set up your home phone as a metered line. This runs about $12.00 a month and you will only pay for the calls you make. Quit eating out. Think Taco bell or less. These are all ways you can reduce your monthly cash outlay so that you can pay off the cards faster.
If you have an automobile financed, either figure out a way to pay it off fast or sell it. You are seriously in debt and this will take a drastic step to stop the bleeding.
Finally when you are putting together your budget, set up a savings account so that you will have emergency money and won't need the credit cards. We did all of this and was able to eliminate our debt (inclusive of credit cards). We now are operating on a cash system and are saving for a new car which we will pay cash for. It can be done and you can do it.
Good Luck!!!
2007-10-19 13:08:53 · answer #2 · answered by sfuller94 3 · 0⤊ 0⤋
It's kind of like the Mafia, only you don't really get your knees broken. Call Consumer Credit Counseling and get serious; your name is on the credit cards you took out, and not paying them back makes you look cheap, lazy, and dishonest. If all you have is your integrity and your name, then do the right thing. If you have stolen someone else's identity and done this to them, hopefully, it will come back and bite you on the butt.
2007-10-19 13:01:51 · answer #3 · answered by Mcgranny 3 · 0⤊ 0⤋
The account will be turned over to collectors that will harass you until the end of time. The MAY sue you for the balance. If they do, they will win a judgment. Winning a judgment and collecting are separate issues. If you have no income and no assets, there is nothing to collect. Assuming you are in the US, you can't go to jail for owing money.
2007-10-19 14:29:19 · answer #4 · answered by STEVEN F 7 · 0⤊ 1⤋
incapacity takes being shown unable to paintings and not working 3 hundred and sixty 5 days. You report earlier the 300 and sixty 5 days is previous, because of the time it takes to technique the declare. it is going to shorten the time to receiving the exams. He ought to constantly report financial disaster..... yet that unusually adequate fee $a million,000 to do.
2016-11-08 23:23:33 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Your credit score will go down and you will have a hard time getting loans. Live within your means and pay off that debt. :)
If you don't they may garnish your pay check and that sucks.
2007-10-19 12:39:53 · answer #6 · answered by Crazy Train 2 · 1⤊ 1⤋
you go to collections and will never beable to get anything ever again. bad credit!
2007-10-19 12:39:06 · answer #7 · answered by ♥Angie♥ 3 · 0⤊ 1⤋
try getting wealth care
2007-10-19 14:07:47 · answer #8 · answered by Anonymous · 0⤊ 0⤋