katie
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sometimes the interest just keeps adding up more and more, u lose your credit. i would pay what u can call them and tell them . |
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De Waanzin
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You wont be able to buy anything with credit anymore and you wont be able to buy a house or a car or anything unless you have cash. You will also receive a lot of calls and have debt collectors hunting you down for the rest of your life.
Enjoy! |
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Hollie :)
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You get in debt,, but if you are dont take out a lone.. they trick you and get you in more debt.. |
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scalloper
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If you do not work with the cc companies and establish payments a few things will happen; 1. It will ruin your credit, 2. You will be sent to collections and they will haunt you till you pay them off, also they can garnish your wages, 3. Your other cc's will be closed, |
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liloppy
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they will send collection companies after you. They will charge them off to bad debt and it will go on your credit rating. Not a good thing to do if you can avoid it. |
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i_b_winkn_at_u
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When you miss payments your interest will sky rocket. Eventually they will turn the debt into collections. Your credit will be affected. |
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Flex
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Not making at least minimum payments on your $8000 debt will affect you for the rest of your life...ie, when you buy a home, buy a car, apply for other credit cards...you will either not get approved, or your interest rates will be sky high...it's big mistake to ignore that credit card debt...
as for your other cards...nothing will happen to those as long as you keep paying on time, but everything else you try to do will turn out bad... |
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Isaac F
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If it comes between living and your credit card debt then that is a common sense question. YOU need to eat right? In order to pay bills you need light right? Phone?
You will pay for your lack of insight on the whole credit card issue.
But in the same case, your right you wern't thinkning about the future. You thought like many other americans that nothing can touch us. Well now your debts going to climb and climb and theres nothing you can do about it. THey will make you pay for the rest of your life. Credit card companies are couinting on you to be misinformed and thats how they get their long time suckers... Sorry but I dont sugar coat Bull Sh!T I just call it like it is. |
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Cribber
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The creditors will call you all day and all night. They will hound you mercilessly until you make payment arrangements. Eventually you will have to go to court. Better to call and tell them you can't make a full payment and make arrangements than to let it go to your credit report and ruin it for 7 long years or longer. Just call the credit card company, tell them you are short this month and you are going to have to make less than the minimum payment. |
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SageAdrian
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The debt will get sold to a collector... who will call you all hours of the night... even saturdays n sundays when yur spending quality time with your kids. And when you ignore them enough... they just sell it off to another collector... and then, to the next... etc.
Its alright. Just wait for the dollar to crash... all the banks will go under and your lil 8000$ debt will be insignificant. |
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friendlystranger65
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The first thing they do is demand immediate payment of the total amount due. Then they send it to collection.
You can negotiate a payment schedule on your own, but it needs to happen before it goes to collections.
You can go to a Chapter 13 bankruptcy, and protect some assets such as equity in your home.
You can go to a straight bankruptcy and lose all unsecured debt.
You really need to talk to an attorney before you do anything. |
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zephanblaxberg
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You'll have horrible credit, and when it comes time to get a car, a house or anything you won't be getting loans. I'd recommend taking out a loan to pay off your credit card debt and then be careful from then on. |
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cormercurio
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um your credit scoree goes down and u wont be able to get cars, houses or insurance |
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Angela P
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you should really try to sort this out. im not nagging, ive been there, and i didnt pay mine and i got inot all sorts of trouble and now, five years on, i am still in a total mess and unable to get any credit for anyhitng. speak to your debtors, and see if they are willing to strike some sort of repayment deal with you. its in their best interests as it means they will get their money back in the end. good luck! |
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Bonnie S
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It is unfair that credit card companies allow people to charge large amounts that will be almost impossible to pay back. If you don't pay the price will go higher and higher and they will ruin your credit. Find a financial planner (they will usually work for very little and sometimes can be done with no charge through government agencies) They can help you come up with solutions that will help you in this situation and also will talk to the credit card companies for you. When they know that you are working with a financial planner they will work out solutions for budgeting out the money. |
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ptrobrn
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try transfering the debt to another card that has zero interest for a period of time on transfers. You don't want to mess up and not make payments. pay what you can. the minimum is ok for a short time till you can get money but if you go beyond a month or two of minimum payments you really should look to see where your money is going. |
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K_1_R_4_H
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Papainthewind and Freaky Deaky are correct. Do something about it now not later. |
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jessi37
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they stay around to haunt you!! they will pop up later everytime u apply for loan, cell phone, store credit, somtimes, even jobs... just pay it off... if theres an issue and your in the right, then dispute it. |
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beachgurl
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if you stop paying that could affect your credit for the rest of your life. call a debt organization and see how they can help you. if you don't pay i think they might cancel your card but you'll have a hard time getting other cards and getting loans in the future. |
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yo homey
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yo yo yo on the myc you need to pay your credit couse it aint free |
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David C
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If you stop paying your credit card debt you can expect to be deluged with telephone calls from your creditors demanding payment.
In addition, you can expect that derogatory entries will be made with the credit reporting bureaus against your name. Because of these entries you will find it difficult, if not impossible, to obtain any credit buying from others.
The credit cards whose installment payments you continue to make in a timely manner will not be that affected by your failure to pay the other credit card debts. But you probably will not be able to obtain any more credit cards or other credit.
Why not contact your creditors and try to negotiate some compromise to resolve this financial problem? If that fails you may want to consider filing for bankruptcy to clear your name of these debts. |
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tholeeder
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DON'T file for bankruptcy !!! you would be better off credit wise to default,default goes against you for 7 years,but bankruptcy lasts for 10 years. DON'T go to credit repair ,it can't be done.DON'T go to a service that negotiates your debt down or interest ,it won't help your credit rating any at all. contact the lender maybe you can negotiate a better rate or payoff plan on your own, then if they won't cooperate at least you tried,but if you expect to buy a home ,or car ,or even a refrigerator and want to pay with credit ,then your credit rating should be a high priority for you,so work it out if you can..............tom |
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Garden Hoe
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Your credit rating will be ruined for at least seven years. Even if you opt to declare bankruptcy.
Collection agencies will be after you.
You could be charged with "theft by deception" in extreme cases and then face legal issues.
You will be denied good interest rates should you ever want to buy a car or a home or even rent an apartment!!!
The credit cards you are paying on will remain open, but the lender may opt to raise your interest on that card, too.
You will be denied any new credit card, or be unable to get a great "advertised rate" in the future.
You may become undesireable as a marriage partner, as your credit will then reflect on your partner's credit.
You may be forced to move back in with your parents. They may not appreciate that and life with Ma and Pa may not be so rosy as it was when you were a child. |
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markoze1958
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Best way to handle the $8000 with out fileing bankruptsy is find a debt considation company. They are all over the net. They will generally cu 50 to 75% of the debt. You pay them x amount for 2 or 3 years , then the debt is gone. Also, alot of ones will let u keep your credit cards esp if they are unde 1000 |
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papainthewind
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When you accept credit you agree to repay it.
What is your word worth to you? |
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TheGoodGuy
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If you stop paying your credit card bills you WILL go to jail |
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