2007-12-05 12:25:14 · 6 answers · asked by richard o 1 in Business & Finance ➔ Personal Finance
make minimum payment at least. if you can't even do that, then you're in deep trouble!
You're screwed big time.
2007-12-05 17:12:09 · answer #1 · answered by Math 7 · 0⤊ 0⤋
A credit card company can send the account to collection activity or bring you to court on a larceny charge. This would also impair future credit requests.The responsibility is on the user to live within his means.
2007-12-05 12:32:08 · answer #2 · answered by googie 7 · 0⤊ 0⤋
Close your account, and report you to credit companies. After trying to collect and they fail, they put your debt into a "bad debt" file and the gov't gives them tax credit on your debt. They can then sell the debt to a 3rd partycollection agency who will try to renegotiate your debt with you by offering you a "discount" on your debt. Something like: "If you send us payment, we can cut your debt by 60%". By this time, it's pretty useless paying for it (in my opinion) because you've been reported to the credit companies already.
2007-12-05 12:34:38 · answer #3 · answered by Samantha Jones 3 · 0⤊ 0⤋
Don't forget -- trying to force you into bankruptcy so they can claim any assets you may have.
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This answer is wrong. They can't take anything because a credit card is NOT a secured account. A secured account would be like a house, car, etc. something that the money is borrowed against held as a collateral
2007-12-05 12:45:34 · answer #4 · answered by John P 6 · 0⤊ 0⤋
Eventually they will sue you for the amount you owe (including lots of interest and fees). You will lose, of course, since you actually do owe the money. I don't think they can garnish your wages, but they will send you to collections until you pay or settle.
2007-12-05 12:31:48 · answer #5 · answered by Mom of Many 2 · 0⤊ 0⤋
send you to collections and take you to court.
2007-12-05 12:28:32 · answer #6 · answered by Anonymous · 0⤊ 0⤋