credit card bill

what happens if i just stop paying, and ignore any future correspondance?

short term. long term.

and

anybody know a good resource for credit card help, other than make more $$$ (i'm working on that.)

I would advise against it.

they take you to collections which could mean legal action against you. which could mean wage garnishing. not fun you would also have horrible credit, which means no other credit cards, no buying a car, no buying a house, and maybe not even renting an apartment.

there are alot of credit help agencies. i see one on tv all the time..

Here are some links

They can turn you over to a collection agency which will go on your credit history. If you have many other outstanding bills ie; other credit card debts, car loans, student loans, etc. bankruptcy might be an option. there are two different versions a chapter 11 and a chapter 13. there are different advantages to both I suggest a good attorney.

If you don't want to do something this drastic perhaps you should look at consolidating debts.

You never know what could happen. Maybe they'll make you CEO of the company because you've got "balls" ... like Tony Montana

Give it a shot ... let us know how it turns out.

send rabid spiders through the phone lines to munch on their cerebral cortexes.

i've heard that helps.

that's the advice i'm looking for.


thanks for the links, people. i'll check em out.

wouldnt bankruptcy fuck my future credit anyway?

for a period of time yes. depends on the type. i think its 5 or 7 years.

oh and its a misconception that when you file for bankruptcy you dont have to pay the money back..

[Edited on Nov 09, 2004 by FunkTion]

I suggest a bad attorney. Then you can claim incompetent legal advice on a later date and you'll be free. Free!

Only if you ever intend on financing anything more expensive than a cup of coffee

This is untrue. In our society overextending yourself has become the norm and the bankruptcy laws are much less disruptive to your life than they used to be. You can file chapter 11 and have a new credit card in a year. In 7 years no matter which way you go the whole thing will be gone.

You can finance coffee now?!?!?

There are 3 evils to watch out for:
1) Credit card companies
2) The govt. (esp. w/Republicans in power)
3) Darth Vader, says he's your father, then wham!, lightsaber in your back

I've worked in collections, so depending on the nature of the debt and the amount, that would be what effects if its worth it or not to pay, couple things to know, bankruptcy laws, statute of limitations on bills, and what you plan on doing credit wise with your life.

I believe it's a lightsaber in the wrist.

Edited to add: You don't want to get this sent to collections. Those guys are douchebags. They are basically a small step up from having a guy come to your door with a baseball bat looking menacingly at your knees and demanding cash.
But even though I had a credit card go to collections, I still have above average credit. And I make late payments a lot. I think I have some sort of good credit luck, which is made up for by my complete lack of financial responsibility.

[Edited on Nov 09, 2004 by MrStitches]

Oh, and faking your own death is always another good option.

actually not 100% accurate. you cant file 13 again for 7 years but you can do 11 multiple times.

think i'm gonna go watch the end of fight club again...

somebody's never ordered a venti pumpkin latte at Starbuck's.

be aware that bankrupcy doesn't work on student loans. You will owe those until they're paid or you die. So if that's a factor in your debt, you're screwed.

if it's under $1000 or so, you can theoretically just ignore it. they'll turn you over to a collection agency (who might offer you a deal, sometimes 50%) and after a year or two they'll write you off and your credit will be wrecked. then you'll be living paycheck to paycheck for the next 7 years. no house, no reliable transportation, no vacations, no engagement rings, no visiting the parents for the holidays. however much money you have in your pocket right now is about how much you'll have in your pocket for the next decade. credit is useful.

these days I wish I had just called up the credit card companies and asked what kind of deals they were willing to make. they'd much rather take whatever sofa change they can get than write you off.

Yeah, the main reason I would never file. Compared to the student loan debt the rest is nothing. I know a few people who paid off their student loans with their credit cards and taking out other loans. Then declared bankruptcy. Not an option for me. no one would ever extend me that much credit but seemed to work for them.

i've used my line of credit to pay off my credit card... saves me paying 2/3 the interest. and i still get points!

i'm a consumer whore