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Credit card companies can continue to add interest to your account. Credit card companies cannot garnish your wages or put liens on your assets without a judgment from a court. In some states they cannot garnish your wages after a judgment. What assets they can put liens on after a judgment varies from state to state. Check your state's debtors' rights.

by slabberdasken

2 years ago

Asker's Rating: 

Call them and tell them you are in a situation where you cannot afford the current payment, but you would like to pay them off. Ask them if you can settle with them for a structured payment plan. They will settle for practically no interest and a structured payment. Of course your card will not be reactivated, but it will hopefully get you back on your feet.

by marc m- 2 years ago

Credit card debt is unsecured, which means they can't garnish your wages or take your tax return, they will harass you for a while or you talk to them and try to arrange a payment schedule which may include some reduction of the amount. If you don't pay your credit report will show a charge off which keep you from getting any credit for years

by al_bundy_III- 2 years ago

cancel it for one so you can't charge anything anymore. secondly they work out payment arrangements when it goes into collections. i been there done that. you can either file bankruptcy, or work out a payment arrangement. a few credit card companies once it goes into collections, when you call up the people who sent you a letter from collections can sometimes work out that they will take off (some) late fees etc., there are many debt consolidation places that can help you out as well. they manage to get rid of your late fees and interest rates and pay it off, however, either way it is going to be on your credit report.

by mel- 2 years ago

It is pretty much way too much hassle for them to actually go and get permission to garnish your wages. Therefore, like somebody else said on this page, call them and tell them you cant pay this amount and would try to get some money to pay it off if they can settle it for less. Try to get them to come as low as possible. Make sure you get everything in writing before actually paying them off. Collection agencies rather settle than going through the entire process of obtaining permission to garnish your wages. However, believe this...they WILL harass you like there is no tomorrow. Try to pay this off as soon as possible and get back on your feet. I went through this, it worked for me. Good luck.

by Irfan- 2 years ago

I would ask this at a site dedicated to debt advice - the one below always seems to have good advice and hopefully can help you out with the information you need! Good luck!

by brettR- 2 years ago

Consolidating your credit card debt is accomplished by grouping together all your unsecured debt into one debt with one payment. There are agencies that can help you to consolidate your debt and they will negotiate for you with your creditors, often enabling you to pay less each month and even lowering your interest rates. This solution can be perfect for those who are interested in reducing their payments and interest rates while increasing their credit standing. When using a debt consolidation company you will also get free advice on budgeting and money management. This kind of service can prove invaluable to those who need it and they should take full advantage of it. Get all information about you credit card debt consolidation at :www ...

by caelie a- 2 years ago

You should opt for debt consolidation. When you gets into a debt trap it becomes difficult to get out of it. Taking more loans to repay the debts leads to more stress and financial crisis. Finally, there is no option but to adopt debt consolidation, which leads to a new llease of life. Many people receive abusive calls from debt collectors and are stressed. Hence opting for debt consolidation is the number one solution and helps to overcome abusive calls and be free from mental stress.

by stone m- 2 years ago