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grace | What is the worst a credit card company can do to you?if you are unable to pay them because of very low income |
Just went to know what is the worst a credit card company can do to you if you are unable to pay because of finance (not enough money) ? |
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Michael M
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Some of these answers are way off base. I work for a mortgage broker. Here is what they can do. They can call you but once you tell them (remember the call is recorded) not to call you at work or home - they have to stop. They can not put you in prison as someone wrote - that is called debtor prison and it has been outlawed for over 100 years. It will lower you credit score but I work with credit scores every day - Many people have great scores with charge offs. Most every credit report has a cell phone collection on it. They will charge it off so they can claim it as a lose on their taxes. Write back if you need more information. |
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seepferdchenstute
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well, the credit card company only has the right to withdraw money from your account. When you have none, they still get it from the bank. So your real trouble is with the bank then, not the CC company.
When the bank does not get its money, they charge you with heaps of interest. If you can not pay, they send a bailiff who takes away your property. |
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Relax123
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they can very easily throw you in jail if you have no property or means of paying them back. |
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notworried76
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keep callin you to pay and give you bad creidt |
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Mother of Chaos
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We don't have debtors prison in the States, so don't worry about that one. You *can* serve time if they can prove that what you did was outright fraud (intentionally running up bills you have absolutely no intention of ever paying off - basically stealing goods and services), but for simple mismanagement of your finances you're not likely to do time.
Well...not in prison, anyway. The invisible "fiscal" prison may go on for a while.
The immediate worst thing is the garnishment of wages. The court isn't necessarily all that sympathetic to your needs - they will decide what your employer will take off the top, and it's up to you to figure out how to live on what's left. That's ugly. Imagine: if you're already using the cards because you can't afford to live on your current income...what are you going to do when not only do you not have the cards anymore, and no access to new loans, AND 10-20-30% of your paycheck is coming off the top for court-ordered repayment?
Down the road, the stink of the charge-off can linger on your credit report for decades. From not getting decent interest rates to being flat-out denied credit altogether, even not getting a job or promotion, having the charge-offs lingering on the report can impact your ability to get ahead for an awfully long time.
Not a fun place to be. It's like starting a race by shooting yourself in one foot and nailing the other to the ground. It can be overcome - but man, it sure makes things that are already not easy a whole lot harder. |
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oldhippypaul
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they can garnishee your wages where you work. That means that your boss gets a court order to send part of your pay to the company that takes you to court.That is the top threat. In most states they can not take your house or your personal car. Now if you have other cars or houses they might be able to get a lean on them. But most of us are not in that situation |
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The Prince
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Just charge you interest and interest and then more interest on all that interest. They can leave some bad remarks about you on your credit profile and that's about it.
I guess they could even sue you and make your life miserable for a little while but I haven't ever heard of such a case because to them obviously it won't be worth it.
So just don't pay any attention to them AND in the future if ANYBODY (especially some suspicious telemarketer on the phone) asks you about this, NEVER say that YES I DO OWE MONEY ON THAT ACCOUNT. Acutally, if you just be quiet and ignore, it will literally go away after a few years.
How long it will take, that depends on which state you live in . Look up something calle the statute of limits and read about it. It will be worthwhile to you. |
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snvffy
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Why are you using a credit card if you don't make enough to pay for it?
Anyway, get Dave Ramsey's book and read it. www.daveramsey.com
Good Luck |
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Lynda
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Charge penalties to increase your debt. Stop making any more purchases using a card and speak to the company about a payment plan. |
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Laissez-Faire Guy
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The credit card is an unsecured loan. That is, it's only as good as your word and ability to pay. It's not backed by any assets that they can seize or put a lien on.
The credit card company cannot seize your assets. If you have the income to pay it back, they can take legal action to obtain a judgment and garnish your wages. But then again, if you have the income to pay it, this wouldn't be an issue.
Really, the worst they can do is destroy your credit rating, making it impossible to obtain any further credit. They can keep jacking up the charges you owe them. They can also pester you trying to collect or turn it over to collectors who will do that.
If you cannot pay, don't just stop paying and not communicate with them. It may be uncomfortable, but pick up the phone and call them. Tell them what's going on and tell them you can't pay. Ask for their help to reduce the interest they charge and to make the payments easier. Maybe they'll give you a short moratorium on payments. Maybe they'll cut the payments or take pennies on the dollar. Who knows? The worst they can do is say no, and then you're in the same boat you were before. At least you'll have a clean conscience about it. |
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The AntiChrist
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Pester you. That's all. |
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