2007-10-25 08:49:49 · 7 answers · asked by joao c 1 in Business & Finance ➔ Credit
Well, the worst thing is you will lose your house and your credit will be so bad after the lenders come after you in court and get a judgment, attach your bank accounts, garnish your wages (if your State allows it) and files liens on any other property you may own that you will not even be able to be approved to rent a apartment that you would want to live in.
All of this activity will show on your credit report for the next 7-years making it very hard to get any other types of loans with out making massive down payments, huge fees and State maximum interest rates.
Other then that, not much.
2007-10-25 09:01:32 · answer #1 · answered by ? 7 · 4⤊ 1⤋
I know a guy who had his bank accounts seized for delinquent credit card accounts.
It's better to make minimum payments than no payments.
Many credit cards will up your interest rates to a high percentage (like 28%) if you are late on one payments.
Also late fees on credit cards are about $20-$40 a pop, if you're late every month or if you don't pay, you are liable to pay all that extra $$$.
A forclosure on your home is not good either. Plus it will show up on your credit if you ever try to buy another house.
2007-10-25 09:01:07 · answer #2 · answered by ? 6 · 0⤊ 0⤋
The worst thing would be losing your home.
The 2nd worst things is getting sued and garnished.
The next worst thing is trashing your credit meaning you won't have credit available in the future if you need it.
Lastly is trying to get your credit rating back to a good one.
It basically affects your life.
2007-10-25 11:13:15 · answer #3 · answered by gogo7 4 · 0⤊ 0⤋
Credit cards - the account will be shut down to further charges, late fees will accumulate, you can be sued and they can attach your bank account and other assets and garnish your wages
House - foreclosure, eviction
And for both - lousy credit rating for 7-10 years afterwards
2007-10-25 09:03:08 · answer #4 · answered by Judy 7 · 2⤊ 0⤋
Charges can be pressed against you for stopping payment on a check - it's illegal unless the check is lost or stolen. You canbe taken to court to have a judgement placed against you for the balance due on your credit cards...and you could lose your house. Think twice before doing such a thing.
2007-10-25 08:59:13 · answer #5 · answered by trivia buff 5 · 1⤊ 2⤋
Lose house, garnished wages, seized bank accounts, lousy credit rating...
2007-10-25 11:13:00 · answer #6 · answered by StephenWeinstein 7 · 0⤊ 0⤋
Bankruptcy and eviction
2007-10-25 08:55:46 · answer #7 · answered by thelma_layton 4 · 0⤊ 0⤋