2007-12-24 07:26:46 · 9 answers · asked by jubajutwo 1 in Business & Finance ➔ Personal Finance
No. They'll simply add on late fees, other penalties, increase your interest rate, prevent you from using it anymore, and then send your account off to collections.
2007-12-24 07:35:35 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Well, yes. What is your question?
But in the meantime, unless you are exceptionally wealthy, your life will be pretty hard. Your credit will be worthless, which means you'll have a hard time securing loans, getting new credit, renting an apartment, or getting past anything with a credit check. It isn't impossible to secure loans after you're deep in debt, but it's harder.
There is no debtor's prison and you can choose not to answer the phone when they call, but if you don't pay it, that "blemish" will be on your credit record forever.
If you decide to pay it out, don't go through anyone but your creditor.
2007-12-24 15:40:26 · answer #2 · answered by Ada Q 1 · 0⤊ 1⤋
Yes, everyone who has replied so far seems to be right on the money, so to speak. Just ignoring the balance will not go away but will land you in more hot water. Your best option is to pay it off over time, ensuring that you are never late with your payment and you at least pay the minimum balance.
All the best,
http://www.squidoo.com/themillionaireleague
2007-12-24 15:48:42 · answer #3 · answered by Anthony C. 2 · 0⤊ 0⤋
Your balance doesnt go away until you pay it. After seven years bad credit sometimes is wiped off your credit report so I'm assuming that is what you are referring to.
2007-12-24 15:35:50 · answer #4 · answered by Diane M 7 · 0⤊ 0⤋
If the lender writes off the balance, they will send you a 1099-C for the cancelled debt. The IRS will consider that to be income to you in the year you receive the 1099-C.
2007-12-24 16:13:46 · answer #5 · answered by Anonymous · 0⤊ 0⤋
No. After 7 years of no activity (payments or charges), it will disappear from your credit report, but you will still owe the money and they might sue you (well before 7 years).
2007-12-24 17:57:12 · answer #6 · answered by StephenWeinstein 7 · 0⤊ 0⤋
HAHA!!! That's a good one!! No. They will only add on huge late fees, interest on interest on interest. Only bankruptcy may discharge the debt.
2007-12-24 15:53:39 · answer #7 · answered by iocook 2 · 0⤊ 0⤋
just stop using it and start paying whatever you can afford each month...you ll get free sooner than 7 years
2007-12-24 16:51:35 · answer #8 · answered by iveaquestion 3 · 0⤊ 0⤋
No.
2007-12-24 15:33:01 · answer #9 · answered by npk 7 · 0⤊ 0⤋