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Additional Details
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baby girl 26 | What happens if you don't pay your credit card bills? |
what can a card company do to you.I want everyone to know that I am not trying to get out of paying my bills but my house payment is more important and my work has went down and I have 3 kids |
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Mary R
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They will first start to call and harrass you for payments. Harrassing you is actually illegal, know your rights. Some credit card company employees have even been known to intimidate and threaten you by telling you that they will take your house, etc. It can be very stressful on some people. You will also start getting letters in the mail from them that may eventually turn more demending.
Bottom line is that credit cards are unsecured so they can not take your car, house, furniture, etc. Their only recourse is that they can really damage your credit rating.
I would suggest contacting each of your credit card creditors and ask to have the account closed, this will stop interest from accruing. They may tell you that they can lower your interest rate or let you make minimul payments but this is rarely the answer. You will just be throwing money away as you will only be paying the interest payments and a debt will continue to grow. They will eventually close the accounts anyway so it's best if you close them as it'll save you money. Ask for a final bill and then just try to pay a certain amount on each balance if possible or put them aside and concentrate on your mortgage and children.
If you have a credit card with a low balance with available credit it may be a good idea to keep one card for emergency situations (unless you have some savings available) and just pay the minimul amount or even concentrate on paying it off (to save on interst charges).
Once you start earning more income, either try to pay off the balances of the closed accounts little by little or if you're in the position to, contact each credit card company directly and make an offer to pay a % (usually 20-50%) of the balance owed (think about your offer before you call them). If you choose to do this, stay firm on your offer and document everything. Don't send the payment to them until they send you something in writing that they will mark the account paid in full (keep all documentation and proof of payment). Most companies will accept this because they feel that something is better than nothing. They may make a counter offer but stay firm and tell them that it's all you can afford. If they say no than say "thank you anyway" and move on to the next creditor. They'll most likely end up calling you back to accept the offer.
Additionally, in response to what someone else said, credit card companies generally do not freeze bank accounts. They would first need to have a court judgement against you. This whole process costs them money and it is rarely done by credit card companies.
Good luck you you. |
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zilla
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In my opinion you always need to pay the mortgage first.
They may cancel the card(s).
They may send you to collections.
They will likely ring your phone off the hook all the time trying to squeeze blood out.
If you go 30 days past the due datye on any credit cards or other accounts that report to credit they will likely show you are 30 days past due on your credit and this has a terrible ( yet temporary)impact on your credit score which can cause you to be dropped by companies like AMEX or others.
Companies can also raise your interest rates too.
Probably best thing to do is STOP using the cards. Do not cancel them. Make arrangements you can stick with but try to stay away from credit counselors as they often end up hurting your scores too. Repayment programs are likened to a CH 13 Bankruptcy by many lenders.
Talk to the companies and ask for help with reduced interest rates etc. Document all your calls very well for your records and to have a papoer trail for each account.
Make a bill paying calendar to keep the big picture in focus.
Consult with Primerica Financial Services if you want to.
Try a 2nd job if you can.
Keeping the credit card balances down helps is situations like this.
Family may be willing top help out or transfer balances and cover payments for you for a while.
Ideally you want to be free of cc debt, altogether though it is easier said than done.
In "rare" cases cc companies sue to recover but this is usually well after you go to collections and tyhey will likely not sue for less than several thousands on a balance.
You may want to try a debt consolidatiuon loan depending on your availabl3e equity and credit versus income, but "beware bad loans."
I hope something here really helps,,, Maybe a little prayer would help too??? I will say one for you now too. |
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Oh Nooooo!
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Well, this is what happened to me.
Some charged off the debt and disappeared. Two served me with papers and one won a judgment against me. Most of my debts will come off of my credit report in 2009. The judgment will be around for 10 years adding 18% a year until it's paid. I will not be able to buy or sell a house without clearing up the judgment, and of course no one will finance me for anything. Overall, it's not too bad, though. Sure, I have to pay the $5000 judgment, but there are $20,000.00 in bills that I probably WON'T have to pay.
I live in Texas. Now I've heard in other states creditors can garnish your wages if they win a judgment against you, but they can't do that it Texas.
After your accounts get sent to collections, there is a possibility that you can negotiate to pay about 50%ish of the debt in exchange for the creditor removing the debt from your credit report. |
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mrysiewicz@sbcglobal.net
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Well don't be tricked by the only pay 3 dollars a month scam. Credit card companies love people who don't pay off their bills you could put down the minimum each month just getting by but if you did that for the rest of the time you had to pay off that bill you would never pay it off, and end up paying more than you spent. If you need to make a house payment then first pay your house payment and pay a couple months of minimum payment on your card BUT!!! don't make this a habit. Just a suggestion , try talking to your credit card company. |
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QT
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It might depend on where you live, but if you only miss one payment you should be okay. If you know you are going to miss a few you should call them. You will have outrageous interest penalties and if you let it go long enough it will go to collections. The longer you are in collection the worse it will effect your credit score, making it hard to get financing in the future. If you can meet your minimum payments you will be fine. |
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babygurl4lyf
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I AGREE WITH YOU ON THAT...I DON'T THINK THEY CAN REALLY DO ANYTHING TO YOU ABOUT NOT PAYING YOUR CREDIT CARD BILLS ALL THEY CAN REALLY DO IS JUST PUT IT ON YOUR CREDIT REPORT AS LATE BUT I MEAN YOUR HOUSE AND KIDS ARE MORE IMPORTANT THAN A CREDIT CARD. IF I WERE YOU PERSONALLY I WOULD PAY MY HOUSE BEFORE MY CREDIT CARD BILLS AND WHEN YOU GET THE MONEY FOR IT THEN YOU CAN PAY THOSE OFF. ESPECIALLY SINCE WHAT HAPPENED WITH YOUR WORK I KNOW IT'S HARD FOR YOU. JUST KEEP ON GOING AND TRY YOUR HARDEST. YOU CAN MAKE IT. HOPE I MADE YOU FEEL A LITTLE BETTER. JUST DON'T STRESS OVER IT, IT'S NOTHING TO STRESS OVER B/C YOU CAN GET THROUGH IT. BUT MY ADVICE TO YOU IS CALL YOUR CREDIT CARD COMPANY TO LET THEM KNOW YOUR SITUATION AND MAYBE THEY COULD WORK WITH YOU. JUST DON'T LET IT GET TOO BAD AND TOO FAR BEHIND B/C THEY WILL DO ANYTHING TO MAKE YOUR CREDIT SCORE GO DOWN IF YOU DON'T PAY IT. JUST MY ADVICE TO YOU |
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gokusen
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For one, the company will keep calling you for their money. If you don't pay your bills, the credit card company will report it and your credit score will drop.
If you're having a hard time paying, you should talk to the credit card company and see if you can work things out. Usually, they will work with you. You can also try to consolidate your bills so that you only pay one amount, but it goes to many bills. |
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Mariposa
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They will charge you a late fee, could raise your interest rate, and will charge additional interest on the amount you haven't paid. If you keep not paying them, they will close the account and sue you. |
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Clix
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I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you. |
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cutie gal
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Depending on how late they may close your acct. If you don't pay your credit cards bills the company reports it monthly to the national credit reporting agencies. Your credit score will be hurt by delinquency. Anytime you apply for a job, home loan, school loan, car loan, car insurance it is based off of this credit score. Also, the company may freeze your bank acct and take a portion of your wages. This is not meant to scare you only inform. |
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