dutchfam7
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yes, you can't go to jail for debts unless it was tax fraud. But for credit cards they would just bug you and call for a while. And it ruins your credit and makes it hard to get a loan for a house.
But if you borrowed the money you really should pay it back. I am sure if you lent out $1000 to someone that you would want to be paid back. |
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Create Zen
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you could be taken into collections and eventually a judgement will be filed and you will have to go to court to settle your debts with the big man himself, the judge. |
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SlimMick
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Ruined Credit for sure.....Some creditors might take you to court...If they win a judgement you could have your wages garnished if allowed by your state.. |
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asimjrmeyer
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well eventually they would bring it to the collectors and they will hire lawyers and sue you.... |
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sirajrj
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Credit is the only thing that will get you anywhere in this world...so the last thing you want to do is just 'stop paying'. If anything communicate with the card holders and see if they can work with you within your budget to at least continue your monthly payments. |
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bryguy_95
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The credit card companies could take you to court. |
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Jon H
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every month that your room mate doesn't pay her credit cards her credit score declines. Eventually her cards will go to a collections agency. this is seriosly not a good idea |
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simplymi
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By letting it affect your credit in that way ,can also mean you could be making it harder to get certain jobs in the future. And those bad reports could still show up on your credit 7 -10 years later. |
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Digz
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yes and you can go to jail |
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littlemissmay
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There is no way you could be arrested and put in jail for credit card debt. They could sue you garnish your wages etc because it has gone to collections. Your credit will be damaged for years and all the added interest will take forever to pay. You will hinder your whole entire life. When you need a car, need emergency care, a home you wont be able to get this because you messed up your life for not paying your debts. |
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Nikki
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They are allowed to go up to your house and knock on your door. They will bring you to court and sue you for what you owe. |
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God
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YOU WANT TO DIE?? NO just tell me do you? they will take your land ,apartment n evrythinvg u have even ur underware if u cant pay them back ! |
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jessalex
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You wont "go to jail" or anything silly like that as some people suggested.
Yes, the only thing that would be affected is your credit, but in modern society that actually can cause serious problems for you down the road.
I'm pretty young and a year and a half ago I was broke and didn't really have much responsibility so I decided to just stop paying my credit card bills. And all Ive gotten are nasty phone calls and now I have horrible credit. Which doesnt SOUND too bad but it really is.
After one or two missed payments they shoot the interest rate sky high and dont stop. So now a credit card that I owed say.... $300 on... I now owe over $2000. I started off not too bad.... now Im in deep **** that is going to take a long effing time to get out of. If I even can.
So I would recommend, NOT doing that.
You will not be allowed to have a single credit card, no one will lend you money again for a long long long time. You will not be able to finance a car, you won't have any backup in case something goes horribly awry in your life and you need credit.
This may not sound too heartbreaking but it really is going to pose a BIG problem for you.
Even finding a job.... everyones doing background checks now... and for some reason employers decided they are going to start including credit checks in that as well.
Unless you want to work in a mom & pop mini food mart for the next ten years, dont **** yourself on your credit history.
Ive been finding all this out the hard way recently.
If you cant pay your credit card debt, get a debt consolidation loan directly from your bank NOW while your credit is still okay... then you'll just have one bill and you wont owe a credit counseling company. |
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stephenweinstein
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They do sue and eventually your assets or paychecks can be seized or garnished. They do not send you to jail. |
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slickrick
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Yes but your credit is a lot more important than you think. In the old days your word was all you had. Now-a-days your credit is your word. People won't loan you a cent if you mess your credit up. Keep paying, you'll get it done soon!!! |
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Ken R
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Whew, some of these answers! Jail, you've got to be kidding. Debtor's prison was abolished centuries ago. After all the hoopla of relentless phone calls and threatening junk mail, they will most likely take her to court in order to get a judgement against her. This means they can garnish future wages she may earn to pay it back. Sometimes they don't do anyting with the judgement except use it as proof they exhausted all efforts to collect the debt so they can write it off on taxes. Ruin credit, yes. Put her in jail, no! |
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plattersby
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You'll be put through hell for a VERY long time. You'd better talk to a bankruptcy lawyer if you're serious about this. (Better yet, why not contact Consumer Credit Counseling or some other such FREE credit counseling service that will help you consolidate all your bills and make a single payment you possibly CAN afford, thus saving your credit and all the grief that comes with defaulting on what you owe). |
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sweetpea
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you can be sued , one day you may want to have a established credit line for something important in the future such as your own home or car. Not paying a debit is the same as cheating someone and lying. |
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Neutered Pup
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Great question!
My answer comes from a place listed on the Fortune Top 100 places to work. . . so, the techniques are probably similar but possibly softer. Be forewarned that other companies use pitbulls to collect.
Yes, letters and calls. Not just to you. . .
Eventually, you will grow tired of the efforts to contact you especially since you suggested that you would like to walk away from the debts.
You might begin by ducking calls, changing #s and moving.
The tough one's haven't even begun to pursue you at this point.
Anyone remotely related to you may be contacted (laws vary by state as to what recourse you may have). Your reputation will be treated shoddily.
Yes, your credit rating will get trashed. If you want to cosign on a house with your sig other, a bad credit rating COULD STILL allow you into the game. These days, loan approvals & more importantly LOAN RATES are linked to your past behavior, though. . .
With a cra.pped-out credit rating, the rate you might be eligible for will be iNsAnE! Your car payments will be thru the roof!
Ever rent an apartment? Yeah. They check your credit, too.
Ever apply for a job? Yup. They check your credit, too.
So you'll want to stop right here and consider how you might be feeling, what you might be thinking. Your name is mud. If ya wanna do anything your credit is in the way. Your options are severely limited. You can't take care of your kids the way you want to.
You may get depressed. Do you drink or party otherwise? Ya might start trying to avoid reality.
All of this is the slippery downhill slope to misery.
Since your credit will suck mangy dog butt, maybe you could go back to school and get some special education to help get you a better paying job. Hmmm. Maybe not. Schools check credit and if you were thinking of getting a student loan: good luck.
Ok. So ten years later, you realize the error you made and NOW ya wanna make it all right. It will SO SUCK to be you. Why? Cuz credit REbuilding takes twice as long as credit building! If ya wanna do it right, do it right while you still have a glimmer of hope. . . do it right today. |
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killinhippies
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they can drag you to court and have you in jail for a bit. |
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thims
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No, that is not all that could be affected. You could be one of the lucky few to be prosecuted. It is against the law to do something like this, and it is no different than intentionally writing bad checks. Granted, I will give you the fact that not often does this happen, but it is a possibility.
Your credit being ruined is no light matter either. Don't you need to buy a car? How about your insurance premiums, bad credit equals higher premiums. Don't you want to own a home? Some rentals even run credit checks, and they don't rent to people with bad credit. |
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NeVer*ThE*saMe
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you would get poor |
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easy_peasy
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eventually debtor collectors would pay you a visit or you could even get arrest if you do some hardcore shiit |
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ViolinMaster#1
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You won't be able to use them anymore because they won't work. |
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Nathan M
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For the most part yes... |
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