What happens if I default on my credit cards?

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mfaulds
 
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What happens if I default on my credit cards?

Postby mfaulds » Sat Mar 06, 2010 5:39 pm

I just finished graduate school and have 2 credit cards I'm considering defaulting on. My graduate school was very expensive and interest rates have crept up from 12-19% since I started. I can't keep up w/ all my credit cards and student loans.

I guess I'm asking why should I kill myself to pay all these off? I own a good vehicle and I won't be buying property for at least 5 yrs if not more. I would pay off the one that is associated w/ my bank and of course student loans, but considering letting the other 1 or 2 cards go. What is the worst that can happen if I dont pay? Bottom line I don't see a need for good credit for at least another 5 yrs.

THX


jeffysdad
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If you're a responsible grown-up...

Postby jeffysdad » Sun Mar 07, 2010 7:18 am

you'll do what you can to pay your bills and not be a deadbeat. Didn't they teach you that in graduate school?
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

DoingHomework
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Postby DoingHomework » Mon Mar 08, 2010 10:21 am

Perhaps you are unaware that your credit will be checked anytime you apply for a job, try to buy insurance, rent an apartment or house, or are considered for any security-sensitive position at work (security clearance, working with cash, working around children, yada yada.)

Defaulting on your credit cards would be a VERY bad move. If you are seriously considering doing it then you may as well rip up your diploma from graduate school first. I'd say go get a job at a fast food joint but they will not want you around since you can't be trusted near the cash. You might be able to pick up trash or something.

Good luck

jeffysdad
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I concur...

Postby jeffysdad » Mon Mar 08, 2010 11:28 am

and would like to point out that the consumer debt and mortgage crisis along with the doctrine of "too big to fail" have brought about a seismic shift in many people's ethics with regard to debt. The OP showed absolutely no concern about breaking a contract and walking away from a legitimate debt. Now many people are only focused on the consequences of breaking contracts (one's word) rather than the actual act. It's rather pathetic, I think.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

DoingHomework
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Postby DoingHomework » Tue Mar 09, 2010 5:47 pm

jeffysdad wrote:It's rather pathetic, I think.


Yep. They want the rest of us to pay their way.

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alsteig
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Postby alsteig » Tue Jun 01, 2010 1:36 am

you sound like a deadbeat, i wouldn't hire you.

LTomBerry
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Postby LTomBerry » Tue Jun 01, 2010 10:46 pm

Why should you pay? Because you agreed to a contract that you would pay. Your honesty and integrity is on the line here.
Having said that, you need to get some help. If you can't pay your bills, contact the creditors and try to work a deal with them. You might consider a consolidation or a non-profit credit counseling service, not one of those debt reduction scams.
Sell the car! You can get by with a cheap hoopty for as long as it takes to get out of debt; I did. The $$ you have tied up in the car is better spent getting you out of debt.
Good luck!



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