Paying Credit Card Debt

What is it that creditors know that they don't want the general public to find out about paying credit card debt?

there is no legal way to avoid credit card debt, and the debt consolidation companies are the biggest, most terrible scam out there. dont worry about it, it is an unsecured debt, things like mortgages, car payments and student loans are the important ones, along with utilities and food.

the credit card collection calls are what is annoying. dont listen to what the collector say about suing 95% of the time they are full of it, i've worked for a bank's credit card collection dept for years and i've only seen a hand full of loans with litigation. and even then the balances were 100K + which i'm assuming is not the case here...

2007-05-08 17:44:58 by Yahoo_Asker_G

My hero, Dave Ramsey, tells of abusive practices and the violation of Federal law incorporated by debt collectors - particularly credit card debt ...

My family and I had an unplaned birth, and our now overwhelmed with medical expenses and the new expenses from the child. Since we did not have health insurance we became overwhelmed with bills. Over the last couple of years we have fallen progressively farther behind on our credit card bills. We have not made a payment on some of the cards in over nine month. Utlimately, besides lowering our credit score, is the consequences of not paying the cards. Can the creditors take our vehicles? Take money from our bank accounts? Garrnish our wages? We are very worried about our debt and would like to pay the debt off, yet feel very intimidated by the whole process. Thanks for any help

Since it's been several months since you have paid your credit cards I am going to assume that they have been written off and sold to collection companies.

What they can do is take you to court and get a judgment against you and your husband, at that point they can garnish wages (if your State allows it), attach bank accounts and file liens on any other property you may own.

If your cars are paid for they can be seized and sold to pay your debt. If you still owe money on them they can file liens to make sure that if you sell them they will be paid out of the proceeds of the sale.

All this on top or ruining your credit for 7-years.

2007-05-17 12:26:40 by Penny H

Price: $17.00

I have most of my savings in a brokerage account (so most of it is in stocks). If I stop paying credit card debt can they come after that?

Not immediately but they could sue you in court and get a court order to seize your assets. They could also get a court order to freeze your account so you couldn't withdraw and hide money.

2009-07-21 14:20:37 by __A_YAHOO_USER__

Price: $12.99 $12.99

My husband and I are getting enough back with our income tax refund to pay off around $1350 worth of credit card debt. Paying it off would be great, but would only save us $70.00 a month.

We have good credit, but a pretty bad debt to income ratio. We are only renting a house and would like to buy. Will this make all that much of a difference? We could use the money for new furniture (we're just using hand-me-downs since we just got married in September) and for a nice vacation.

What do you think?

Pay off the credit card debt. You wouldn't get a mortgage with an impaired credit in this market. And your credit only deteriorates if you don't pay it off.

2008-02-13 18:18:15 by Girl gamer! ^_^

Granted i own my credit card company some money but a lawyer called me today. he said he was retained by my credit card company and that i could be prosecuted for not paying. is this true under any circumstance? he mentioned i could be charged will a felony?

In the U.S. of A, we don't have 'debtors prison', so that is definitely "out", but there may be extenuating circumstances, however, that maybe could be prosecuted in the courts, like if you ran up many thousands of dollars in a short time and they can show you did so with no intention to pay, you could be charged with stealing by deceit or something like that. If you have been sending minimum payments, they can do nothing. If you have stopped paying anything, you may need to see a lawyer of your own. Good luck.

2009-05-12 17:11:37 by bobsacamono