Imagine If You Stop Paying Credit Card Debt

Lots of people worldwide have a minumum of one key credit card within their wallets and handbags. Some of study course have more, but it all depends on their economic situations. But what are the results in case you shed your career and when you get sick, the financing expenses will still need get paid.

Even through challenging financial times, bills remain the same. Seeing that absolutely nothing in everyday life is provided for free, obviously you might have other bills away from your card that must also be paid including book or mortgage, electrical energy, insurance, vehicle payments, mobile phone costs, and home carry bills like food. And owning a house could possibly get very costly, and you may uses up money prior to getting to pay your charge card invoice. So most people would like to know what’s going to occur if they stop paying their credit card bills.

Outstanding credit rating expenses will definitely have a significant cost on your credit history. Wrecked credit scores can stop you from acquiring that financial loan with the new home, or perhaps procurment that new car that you have wanted for a while.

Poor credit results can also keep you from perhaps obtaining a new position, as credit history is one area that men and women have begun to check as of late. Lower or poor credit ratings will also prevent you from opening new credit history business finance institutions.

Outside destroyed credit ratings, you’ll get unlimited phone calls from your debtors, and on top of the currently expanding invoice equilibrium they will add curiosity and delayed installments charges so long as you happen to be behind. Of course the greeting card organizations sends words out to your property, suggesting you in the financial debt that you simply are obligated to repay them.

In the end if you get actually far behind, they can commence to addition your wages to have their payments or position a mortgage on your property. Which is no way to reside, to possibly have property taken away in a couple of have missed credit card obligations.

When you end payment credit cards almost everything could alter virtually out of the blue it seems. You will definately get nagging messages or calls many times per day, you’ll obtain risks from debtors expressing they’ll bring your property or vehicles. And together with all of that your people’s credit reports will lower providing you are greatly of their financial debt. Then when you stop paying credit card bills the consequences of people activities might be somewhat main.

11 Comments

  • Claudio says:

    I have been, to my own dismay, dodging a sizable credit card bill for the past few years. This bill became unpayable when I was in college and lost my job. I really couldn’t turn to anyone so I stopped paying.

    Anyway, now, a few years later, I have a good job and I want to finally pay this off. Only problem – I don’t know where to start or who to contact, as the debt has appeared to change hands multiple times. A couple of years ago I was getting letters for settlements at ~20% of the total debt. It was in a lump sum and I would have jumped at the opportunity if I could have afforded such a lump sum.

    Now I am in the position to afford that kind of lump sum, but I don’t even know who to contact about it. I am hoping that such a deal is still available, and with the way that debt is passed and how my debt must be at junk status by now, I would imagine that a deal as good or better would exist.

    I’ll worry about rebuilding my credit later but for now, I need to wipe off all of my debt before I can even begin to attempt that.

  • Maryalice says:

    Hi everyone, I am 22 and in debt for about $9000.00. I lost my job about six months ago (company closed) and money has run dried. I have applied to many jobs, at least 10 applications a day, and either don’t get a call back, or don’t have enough experience. I have applied to all sorts of jobs even fast food. I used to care what kind of job it was, but don’t anymore. I stopped paying my credit cards, which I used to live off of (bills, rent, etc) and am now in a hole. What should I do? I am considering bankruptcy or debt consolidation, but I really which I didn’t have too. I help support my mom and sibling and they are unable to work. I am so stressed I have gained so much weight and can’t even concentrate ins school. To help pay things I have sold everything of value to me. I need a plan to get out of debt fast and keep paying bills/rent on time. Ideas?!

  • Francis says:

    I have overdrafts, loans and credit cards and I have missed many payments on all of them and am overlimit on my overdraft and credit card. Apart from making payments on time how can I get a better credit rating? Will it only get better once I don’t owe anything or if I begin to make regular payments on time will that improve it? How long does it take for it to begin to improve? I’m in the UK so need info for here please. Thank you!

  • Luann says:

    Is no even more concerned that it may top two trillion dollars by the end of the year if Tax and Trade and Health Care get out of the Senate alive? God save these bankrupted and divided states of America!

  • Isaac says:

    A fews years ago I got into serious debt & ended up defaulting on my loans. I contacted my numerous creditors, arranged reduced repayments & am nearly out of debt but my credit rating is understandably shot to pieces.

    Is there anything I can do to repair my credit rating? Thanks.

  • Brant says:

    I just extended my optus phone bill and i was wondering if it looks bad on my credit rating check?
    Im only young and don’t know much about this, so forgive me if its a stupid question.
    Also how much is the late payment fee?

  • Hui says:

    I’ve been dating my boyfriend for 3 years. He is 23 and I am 21. When I met him he had this super unreliable car that he had spent close to $10,000 on. I couldn’t believe it and he was working pay check to pay check. After a year of dating he decided he was going to buy a car. A reliable car. I told him if he wanted to, he should save some money first. I’m all for buying anything – as long as you have the money. Even just 2 or 3,000 for a down payment so his interest wouldn’t be so bad.
    But no, he went out and got a $16,000 loan, paid $2,000 for licensing, $408.00 a month on insurance and not to mention gas. Premium fuel that costs a fortune. Because he had to get a turbo. I could not believe it and I was going to end our relationship. But I didn’t. A year goes by and he’s spending money on parts, and gadgets he does not need. Getting into debt. And an accident costing thousands in repairs.
    I finally tell him enough is enough and if he wants me to stick around, then start saving your money. So he did. 50 dollars a month. I think he has now like $1300. And he makes $30,000 a year. Lives at home, doesn’t pay rent or bills or ANYTHING. And he has NO MONEY! Because of his car. He just paid off his mom and paid off his credit card in July and he told me after that, he’d be saving like crazy. I’m still waiting 2 months later.
    And he just called me to let me know he’s now spending another $1000 on a transmission fix. That he doesn’t need. I finally told him that I don’t want to be burdened by you and I want a man that isn;t stupid with his money and can provide for himself in a healthy way. And if he doesn’t, I’m officially out. He finishes paying off his car early next year 2014, and I told him the day his payments stop, all the money goes towards his savings or I’m gone. I’m tired and I don’t want to deal with this anymore. He’s going to be living in his moms basement until he is 30 because he has no money. Oh but a shiny blue car.
    He was going to go to school but since he bought the car, he had to work 44 hrs a week to pay it off. So, he couldn’t quit his job to go to school because he bought a car.
    I’m tired of being a nagging girlfriend but I do really love him and I am really happy with him other than the money issue. I cant see past it and if I have to break up with him because of it, it’ll be the hardest thing I’ll ever have to do.
    But for now, what should I do?

  • Dave says:

    I woke up one morning and realized I didn’t want to marry my fiance any more. Eeeeek!

    From the outside, we’re the picture perfect ‘happy’ couple…but…

    1) He hasn’t initiated sex once in three years. I’m an attractive woman in good shape. He’s a healthy young man. This is a serious problem for me. No, he’s not cheating (I’d almost prefer he was – at least that would give our lack of intimacy a reason!). He’s not gay, either.

    When I try for sex I’m often rejected, or if he does give in it feels more like it’s out of pity because I asked for it, not because he wanted it. That’s really hard for me to handle.

    Last week, I asked him what the heck this was all about and he said it was ‘just a habit he gets into’. ….habit??? Yikes.

    He was with his ex for 7 years and she was having an affair – I used to think she was wicked but if this is his idea of a habit I can almost see why she’d want to wander. She was also a very attractive woman. I’m loyal to a fault but honestly, if I didn’t get any in 7 years I might look elsewhere too!!

    2) He has ‘secret’ credit card debt. I’ve recently discovered (quite accidentally, I wasn’t snooping) that he has almost 20k in credit card debt and isn’t making his payments. He has nothing to show for that debt, either! It’s not student loans, a mortgage, or a car.

    I’m worried about how his debt will impact our relationship and how his credit rating will impact our ability to get things like a mortgage. Worse yet, I worry about the HABITS that created this debt in the first place. The more money he has, the more he spends. I look at his parents and they live the same way. They charge everything and worry about it later.

    Next…why didn’t he tell me about it? I can understand there may be some embarrassment but I’m his fiancee for goodness sake. Would he have let me marry half of it?

    It’s not the dollar value that’s the problem. It’s the fact he isn’t paying his monthly payments and is trying to hide it from me!! I’m one year away from a degree that guarantees me a high salary. I worry now that he sees me as a meal ticket and expects me to pay for it once it is ‘our debt’.

    3) He’s dirty. I constantly clean up after him. He puts things on the counter when he’s done, not back in the drawer. He leaves every cupboard door open. He leaves beard clippings in the sink. He leaves dirty dishes all over the house. He leaves his clothes in a pile where he takes them off. I don’t like to nag about messes but I honestly feel more like a mother than a partner. What housework I do is unappreciated and immediately sabotaged by his being a slob. I’m exhausted by it already!!

    I tried to bring these issues up last week and was told the following:
    -They weren’t ‘big deals’
    -We didn’t need a ‘plan’ to fix them.
    -They just ‘wouldn’t be problems any more’.

    I’m willing to work on problems if they have a definite end point where we can call them fixed. My fear here is that these (money and sex!) are two HUGE issues that will always continue to be issues. I’m thinking I need to cut my losses before this becomes an ugly divorce and kids get involved. I don’t want to be in a constant state of ‘trying’ when I could be in a situation where these aren’t issues in the first place. I love him, yes, but there is no spark when you feel undesirable. The financial situation is causing me stress and I’ve stopped planning our wedding because we clearly can’t afford it. Plus, cleaning up after him constantly makes me exhausted and cranky. I can see these things taking a toll on me already and we’ve only lived together since May.

    I’m not looking for ‘easy’ or ‘perfect’ in a relationship – I know that can’t always exist. There are ups and there are downs and there’s everything in between.

    I’m just asking if the HABITS of our lack of a sex life and his private debt will likely continue into our marriage, or if they can be broken FOR GOOD (I will not commit to a lifetime of marriage counseling).
    I’m sorry it’s so long. All in all he’s a really great guy. We just have these two problems and I see them as becoming GIGANTIC problems once we marry. Other than that he’s kind and lovely. I don’t want to demonize him. He’s a great guy. I just think we have really different values on these issues.

  • Russel says:

    I realize for the state of Texas it is 4 years and the company has the right to sue before the 4 years is up, but I have been served papers stating that I would be sued exactly 1 day before the 4 years is up. They filed the suit 1 month before the 4 years is up and I will not respond or go to court till after the 4 years is up. So which date takes precedence?? I imagine its when they filed the suit but I’m unsure.

  • Guillermina says:

    I have a friend recently moved over from Italy, the bank will not give them an overdraft or a credit card, so they are finding it difficult to get a decent credit rating. They have registered to vote- any other helpful hints?

  • Chester says:

    So my friend was telling me today that she was just going to stop paying her credit card bill becuase she was incredibly broke and could no longer afford it. She has a child and she needs to feed her and keep her in diapers. This credit card is from a long time ago when she was in college and she has always paid on it but it has got out of control. She hasnt used it in years but the interest is so high that she pays but the balance doesnt budge. It is really sad, actually.
    I dont know what to tell her. I dont think that not paying would be a good idea but if she needs to feed her baby then I would probably do the same.

    Can she go to jail for not paying?
    What happens if she get sued? She is already broke so it isn’t like they could get much out of her.

    Could bankruptsy be an option for her?

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