2007-12-16 17:48:58 · 5 answers · asked by bossing_61 1 in Business & Finance ➔ Personal Finance
You still owe the money and are still responsible for the debt. This is why financial expert recommend having money set aside in savings for unexpected events, like a job loss. Financial obligations don't stop or even halt just because you had a little trouble. Imagine what might happen if you had a house with a mortgage and children...
You are learning a really valuable lesson right now. Take it to heart and be better prepared for the future when you do get a new job.
good luck!
What happens is you fall behind, get late fees and more interest charges. You might even go to collections eventually and have your credit really get trashed. Eventually they will cut off your credit and not let you charge anymore.
2007-12-17 05:22:04 · answer #1 · answered by Rush is a band 7 · 0⤊ 0⤋
They will be closed and the debt would go to collections. Eventually, if you are unable to pay them, they would be charged off. That would take up to six months, but may be reported for 10 years on your credit bureau file.
2007-12-16 18:16:19 · answer #2 · answered by Ginger 6 · 0⤊ 0⤋
Call the credit card company and let them know what happend. Chances are they will set your minium payment just to cover interest or adjust it somehow to help you. They would rather get something the nothing. Don't just forget about them it will really effect your credit. call and see what they can do for you
2007-12-17 03:28:03 · answer #3 · answered by jt6341 3 · 0⤊ 0⤋
he still has to pay his debts and until everything is settled in due time, appropriate interest charges apply and would be added to the outstanding amount borrowed.
2007-12-16 18:17:40 · answer #4 · answered by tox101 2 · 0⤊ 0⤋
it will go into collections and as soon as you get a job they will be on your like spit on a stick== better off going straight to welfare and not worry any more!!!
2007-12-20 07:13:15 · answer #5 · answered by Anonymous · 0⤊ 0⤋