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Chris R | I have a credit card I can't pay off. I don't care about my credit score. What can they do? |
I live in Texas and there is no wage garnishment laws here.
I know they will destroy my credit score but at this point I don't care.
Is there anything else they can do to me? I know they can take me to court, but still there is no garnishment laws on consumer debt in Texas.
Thanks |
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quickspic
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You seem to have figured out what most American consumers seem to be incapable of.
1. Credit card debt is called unsecured debt. What this means is they have nothing to back them up if you don't pay. That is why the rates are so high on credit cards.
2. When you default they basically have only two re-courses one is ruin your credit and the other is take you to court. Like someone else pointed out it is not cost effective for them to take you to court for token amounts.
3. Paying on debts that are already late or in collection WILL NOT improve your credit score because they are already on your credit report and will stay there for 7 years.
4. You will actually save a ton of money by not paying anyone disputing all the debts, sending them a CEASE and DESIST Letter, Save your money and then do Debt Negotiation.
It is in fact so easy that I have a credit score of almost 800 and own numerous rental properties. My goal is to own 10 which I will reach in the next year. At this point I no longer need credit because I have enough cash to buy what I want and I won't be buying anymore homes.
I have been seriously thinking of collecting 4-5 high limit credit cards and running them up on big ticket items when I retire in 4 years. I then plan on moving to my home in Mexico and not paying them anything. I will contact an attorney and wait till it drops off in 7 years. I need to contact my attorney first but I think it would be very easy to do. |
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beartruth
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You must be young....and young people don't understand the value of good credit, but go ahead and take your "I don't care" approach, you will someone, and you'll look back and say how stupid you were. You may think you are getting over people by not paying your debt, but in the end, you will pay lots more....your credit score now reflects if someone will hire you, so if its bad and they check....you lose, you go look for a place to live someday...they will check your credit, if its bad...you will pay more than your new neighbor who did care, grow up and learn to take responsability for your spending |
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baby boy is here!
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they will send it into collections and call you everyday for the rest of your life. they could possibly even sue you for the money. I know someone that's happened to. you may not care about your credit now, but you will in the future when you want to buy a house or something like that. |
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JM
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garnishment or not, they can and will take you to court and then add on attorney's fees and court costs so your amount owed goes up. then when you fail to pay, they can take you back and if it keeps happening you can eventually get arrested for failure to comply with a court order.
and you're dumb to "not care" about credit. even car insurance and jobs run your credit now. don't you ever want a decent job? no one wants to hire a loser with judgements against him for unpaid bills! just call your credit card company and pay them a few bucks a month! |
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SUE
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They can, eventually, take you for all you've got. They call and harass you, first, and it goes on from there. Yes, they can keep on taking things from you until you are paid.
And, you know something? One day, you are going to want to buy a car or a house, or get a new place to rent. THEN you are going to care about the fact that you have ruined your credit. Why not pay off the minimum payment until you can make bigger payments, and evenutally pay it off?
Otherwise, what you are doing is stealing. Do you WANT to be a thief? Is that what you intended when you bought whatever it was? I doubt it. I have a feeling you are not a dishonest person, and really want to be on the up and up with your world. (Yeah, I'm kinda laughing too...I know you SOOOO well! - maybe I'm just an optimist).
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bottleblondemama
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It depends on how high balance is as to how aggressively the company will pursue it as to what the end result would be.
Most credit card companies have a default interest rate that will go into effect if the card is late, sometime up to 25% and hefty late fees of $40 or more each month and this amount will added to the balance until they either file suit or send it to collections.
Charge-off does not mean you have been relieved of the balance as the above poster seems to think - it means that the company can no longer claim in as an asset in their profit and loss statement.
If they chose to pursue a Judgment, you will be liable for their attorney fees and Court Costs and they will be granted a default interest rate, probably around 8% going forward. A Judgment will stay on your credit report until it is paid and is renewable every 10 years.
With a Judgment, they can freeze any bank accounts, expect retirement funds, and petition the Court for the entire balance to pay down on the loan.
Even worse, most employers now check credit ratings before hiring an employee and you will have trouble find a job as it goes to your character and it is 100% legal for them to discriminate against you for your bad credit. |
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infinite crisis 247
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1. you don't care about your credit score? you must be 18, cuz that's how i felt when i was that age. problem is, your cavalier attitude about your credit score is going to screw you for the next 7 years. it matters way more than you know right now. when you get married in the future, what are you going to tell your wife in that mortgage broker's officfe when they run your credit and your FICO is 550? and as a result your interest rate will be 9 percent? will you "not care" then? how about in a car dealership? applying for store credit, etc? you get the point. that score is your life.
2. they might not have wage garnishment, but they can take you to court and get fees tacked on to your outstanding amount.
3. it you owe a significant amount (lets say more than a few thousand) they will not just "go away". they will call your house every day. they will send letters. they will threaten you. this will hang over you for years. as long as the debt is not satisfied, it will hang over you like a sword of damacles. the deliquency will stay on your account too. eventually, you will pay them to get them out of your hair. however, when you do, that settlement will be on your report 7 years from the settlement date.
4. can you pay the minimum? it's always better to pay the company something than to do nothing. if this gets sent to collection, your options will be way less and your bargaining position will be far worse. i would make those minimums. |
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*beckyb*
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Is there a reason why you can't pay your credit card off?
Can you not even make the minimum monthly payments?
It's not good to not care about your credit score, it's actually a very important part of your life and you should do whatever you can to keep it good. If you have bad credit now because of this, it's not impossible to fix it.
Have you thought about consulting a debt consolidation agency or your bank for advice?
I'm sure you'll be able to take care of this in time without ruining your credit. |
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m_shelton
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Despite the answer above, you should not declare bankruptcy. The way bankruptcy is set up you are obligated to pay back at least most of what you already owe. Very few, if any people qualify to have their debt erased. You can thank Mr. Bush and his looking out for the big business policies for that one.
If you really don't intend to pay the card back, and you don't care about your credit: do nothing. You can always try to negotiate a lower price, but usually that is to preserve your credit rating. They can do nothing to you but to take you to court, and depending upon how much you owe, it is usually not worth it.
However, if the amount owed is a considerable amount, and you own any assets, they could sue you and have the court put a lien on your assets. This means that before you cash out on any of your assets, they will get first dibs on whatever you get back. You won't even see the money until they get theirs because a lien hold is placed on the deed and anyone receiving this deed will be obligated by law to pay on that lien.
The short of it, for someone that doesn't care about his/her credit is that the credit card company can do nothing to you, and in seven years you can petition to have the negative report removed from your credit report. |
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mr_fartson
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Make the minimum payment to protect your credit rating. As other posters ahve pointed out, good credit is important.
If you can't do that. see a credit counselor or a lawyer for options; they can work with your creditors on a repayment plan.
Even if you can make minimum payment, get some financial advise, because you will pay a huge amount of interest if you are only making minimum payments. |
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Leila H
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they going mess up your credit, if you wont pay in 2 months,,they'll send your case to a collection agency,,, those people will call you and send you many mails,,, even they will beg you to pay half of what u own,,, if you wont then after 5 years they going to put you credit as chargeoff-- but u better Negotiate with them,,, you should care your credit ,,have a bad credit,, u cant do nothing in USA- good luck,,, |
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honey
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don't be a jackass. if you charge something - PAY FOR IT!! own up to your responsibilities. if you can't act like an adult then stop pretending to be one. |
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cardog
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Your absolutely right.
Nothing, they wont take you to court.
You may get the collection agncy they sold the debt to call, but just tell them do not call anymore.
Then after its charged off email a credit repair company and get it removed...
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Jayne X
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If they want to they can sue you but they wont do that for an amount less than $2000 because they would lose money paying court fees and lawyers. Not that this is the responsible thing to do (lol) but I had about 10 credit cards with balances ranging from 100-1200 dollars and I just stopped paying them all, ignored phone calls and letters and after 2-4 years it was marked as charged off on my credit and after 7 years it was completely gone from my credit and now capital one actually gave me a new card...guess they don't keep records over 7 years either!
Bottom line is unless it is a huge amount they wont do anything to you at all, you just have to dodge phone calls and letters with empty threats for the next 5-7 years ;)
Oh and just to add, NEVER talk to them on the phone or mail or email. This could potentially make them hold off on charging it off which is what you want them to do. That way they will sell it to a collection agency for less than the amount of the debt then after a while that company sells it for less and that cycle keeps going until it isn't worth enough to bother about. (again, not that this was the responcible thing to do but 8 years ago my husband bought my engagment ring on credit, never was able to pay and now its completely off his credit and we own the platinum diamond ring after only making 2 $60 payments and never paying or talking to anyone again. It was only $2000, so not worth enough for them to bother with, the debt just got passed down until it wasn't worth anything- we're more responcible now lol, but it can easily be done) |
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Jen
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You should declare bankruptcy. |
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