What happens if I don't do anything about my 46,000USD credit card debt?

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Tinkavaj
 
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Location: Bronx, NY

What happens if I don't do anything about my 46,000USD credit card debt?

Postby Tinkavaj » Sun Nov 08, 2009 5:18 am

Hello,

I stopped paying my monthly payments in May 2009. I know that I have an option to file for bankruptcy, but just wondering what happens if I absolutely don't do anything. I have already changed my phone number and I moved to a new apartment so the credit card companies cannot call me and cannot write letters to me. So if I don't do anything what will happen (other than I will have no credit for the rest of my life which is OK with me)?

Tinkavaj


jeffysdad
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Uh,

Postby jeffysdad » Sun Nov 08, 2009 11:27 pm

you'll be a deadbeat.
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 Nov 09, 2009 5:03 pm

They can file suit against you. Since you won't respond or possibly even get teh notice they will get a default judgement against you. This will include attorney's fees and collection costs. For $46k in debt the default judgement could easily be well over $150k. This will allow them to garnish your wages in most cases and also to sieze property if they wish.

You cannot discharge credit card debt in bankruptcy any longer. If you ever get married you'll need to be careful in how you title assets. Your spouse wll not be responsible for your debts but they could go after any joint assets. If you were a dependent of anyone while incurring teh debt they could possibly go after them.

In reality they can do very little if you are willing to never in your life have anything or make any money. You could of course flee to another country but with teh international nature of banks now that may not be such a good idea either. You are far better protected against thugs beating the money out of you here than in some places. I'm just saying...





Tinkavaj wrote:Hello,

I stopped paying my monthly payments in May 2009. I know that I have an option to file for bankruptcy, but just wondering what happens if I absolutely don't do anything. I have already changed my phone number and I moved to a new apartment so the credit card companies cannot call me and cannot write letters to me. So if I don't do anything what will happen (other than I will have no credit for the rest of my life which is OK with me)?

Tinkavaj

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Mogul of Pineapples
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Postby Mogul of Pineapples » Tue Nov 10, 2009 4:17 am

The truth is that whether you flake on $4,600 in debt or $46,000 in debt your credit is basically completely screwed either way.

Do you mind me asking how this started? Did you lose your job?
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred



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