Because gas is going up so high do you think credit card companies will start to throw people in prison?

If they can not pay their minimum balance and people can no longer afford to pay them first when everything goes to pay for basic needs will these companies throw people in jail or automatically draw the full ammont of a peron's debit directly from their personal account? What do you think?

We do not have debtors prisons.

Creditors cannot throw people in prison because they donâ€™t or cannot repay their debts. If they threaten that, they are violating Federal law, the Fair Debt Collection Practices Act.

If any creditor is threatening you that way, get their name and address and send them a certified letter, telling them that you will NOT deal with them over the phone and that the only way to resolve this must be in writing.

That will stop the calls and, I assure you, they will not put those threats in writing.

It is always a good practice to insist that all communications with your creditors, whether your credit card companies, other lenders or collection agencies be in writing. It is NEVER a good idea to speak with them on the phone.

If you ae being threatened, you are dealing with an over-zealous collector who gets paid by commission and doesnâ€™t believe he/she will ever get caught and punished for breaking the law.

Nor can credit card companies, without your permission (which can be withdrawn any time) simply deduct payments for their credit cards from your personal accounts (unless the accounts like checking, savings, etc. are with the same bank that issued the credit card). If your accounts are with the same bank, they may have provisions in their agreements that allow them to do that.

If you have your accounts with the same bank, consider changing those accounts to a different bank.

Assuming your bank accounts are not with the same bank that issued your card, there are many hoops they have to jump through before they can do anything to your bank account or force you to pay anything.

Unless they already have a judgment and a â€œwrit of executionâ€ or legal garnishment, they cannot simply take money from your accounts in other financial institutions. It rarely comes to that, because the cost of securing judgments outweighs the likelihood of collecting what is owed, let alone what is owed plus collection costs.

Most lenders charge off the bad loans and sell the obligations to collection agencies to do the dirty work of collecting and, even then, it rarely results in judgments and seizures of money in your accounts.

Hope this helps.

There's no debtors prison yet. eventually the government is going to have to do step in about this high cost and not just with gas.

no, they will cut off your credit cards, increase your APR to 32%, and ruin your credit rating

I think that you don't understand reality.

A credit card company cannot throw someone in jail, they do not have that right. The most they can do it garnish your wages or put a lien on your home if you do not have a job. They first have to charge off your credit card which typically is after 120 days of non payment. they then sell it to a collection company for pennys to the dollar and have them collect it. if they are unsucessful after about 6 months depending on the amount they can sue you and require a garnishment that has to be court ordered. you have to think about this, the company is not going to sue you over a couple hundred dollars b/c it would cost more for them to take you to court over it. this would normally happen if people over them 5k plus.

Viv, I think some of the greedy a holes would if they could but if a person pays just a little each month they can not touch you !

I think that they won't do it. They won't be that heartless!

Bunnie Bones

probably b/c nobody would afford to pay it back b/c the prices are too high

...unless we throw them in prison...first!

The prisons cant hold even half of the people who are forced to ignore their credit debts. Prisons are letting hard criminals off early just to let others in. What will probably happen is the banks will completely end your credit and you may have to go bankrupt. But you will have LOTS of company.
PLEASE vote for a Democrat.

Not at this time, but during the end times, it talks about it. :)

Actually they do much worse they kill your credit. In ten years unless you have a credit card you won't survive. We are headed to a money less society and it is the first mark of the beast.

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