2007-11-21 06:09:25 · 7 answers · asked by R V 1 in Business & Finance ➔ Personal Finance
From Nevada State in US
2007-11-21 06:30:51 · update #1
Nothing good!
The bank will eventually take you to court. Even if they don't, they will report you to the credit rating agencies and you will be unable to obtain credit from anyone.
Call them and try to work it out with them.
The other possibility is for you to go into legal bankruptcy (look it up on the Net!). It's not easy but it will preserve your ability to get credit in the future.
2007-11-21 06:17:33 · answer #1 · answered by Edward G 6 · 0⤊ 0⤋
Your credit is based on an overall score and is something you should protect at all costs. Without a good credit rating you will have a hard time getting credit at all, let alone credit at decent interest rates.
When you miss payments on your CC this counts against your score. If you miss a bunch in a row and the bank cuts off your card, this is an even bigger negative against your score.
Even if it means setting up a long-term payment plan with creditors like banks or collection agencies, it is worth your while. So long as you are making payments of some kind it will not affect your credit.
If you are in financial distress there are Government agencies (in canada at least), who will consolidate your debt and help you manage it without injuring your credit rating.
Hope that helps.
2007-11-21 06:18:45 · answer #2 · answered by Jason L 1 · 0⤊ 0⤋
Depends on the laws of the state you live in. Definately, it will go on your credit and you will have credit collectors calling you. That is pretty much a definate. That will follow you around for a while. It will be on the credit report for about 7 years and the creditors can contact you for even longer.
In some states, you can be sued for the amount and it can be garnished from your paycheck. I have heard that some states allow the creditors to place a lien on your house or car if you lose the court case. However, I do not know if this is true. I have only heard that one as rumor.
Your state my have laws setting a statute of limitations on how long the creditors have to sue you but that does not prevent them from contacting you and demanding that you pay. There are laws that define how the collection agencies can treat you, however. I would suggest learning about those laws.
2007-11-21 06:16:54 · answer #3 · answered by A.Mercer 7 · 0⤊ 0⤋
Eventually, you will go to jail.
You promised to pay these bills, so it would be unfair and illegal of you to not pay. The credit card company can take you to court and repossess any property you own.
You need help to get out of debt - I suggest
calling the American Consumer Counseling Center - unlike a lot of those "debt solution" places, this is a non-profit and won't take your money. They can give you some great counseling and advise you on the best options for your particular situation.
American Consumer Counseling Center
http://www.consumercredit.com/ or 1-800-769-3571
2007-11-21 07:30:27 · answer #4 · answered by teresathegreat 7 · 0⤊ 0⤋
First, your credit score will drop because your report will reflect late/missed payments.
Then your receivables will be sent to collections.
If you don't pay the collection agency, you could end up being sued, and your creditors may be able to garnish part of your wages.
2007-11-21 06:20:55 · answer #5 · answered by Anonymous · 0⤊ 0⤋
all the accounts will be put into collections. very expensive charges. however usually they will settle for the original amount. but i dont recommend it because if you still dont pay it after they go into collections, they could file a civil suit against you and you would have to go to court and all that fun stuff.
2007-11-21 06:14:02 · answer #6 · answered by gardensaladsynthesis34 2 · 1⤊ 0⤋
idea.... why dont you try it and then see what happens, im sure the judge will take your side of the case when the collectors take you to court!
2007-11-21 06:14:09 · answer #7 · answered by Katie L 2 · 1⤊ 1⤋