Chosen by Asker

Credit card companies are being real jerks right now. They're in panic mode due to the new regulations that take effect later this year, and consumers are paying the price for it... literally. Any little smudge that shows up -- be it a day late, a dollar short, or a bank holiday off -- on a payment to any of your creditors -- and your whole finanical world can go to hell in a hand basket. If you're facing foreclosure, you're already looking at the next 7 to 10 years with a severely lowered credit score and depleted credit options. Ultimately the decision is yours. But I believe you have a right to refuse the new terms your creditor offers by closing the account. This means that ultimately the line of credit will no longer be available to you, but you will still owe the debt you racked up at the previous interest rate of 5%. Give your creditor a call and find out of this option is available to you, and if so, weigh the pros and cons of doing so. It will be better than leaving the account open and just refusing to pay it. It will also save you from the stress of hounding phone calls from collectors later on.

by Kevin V

6 months ago

Asker's Rating: 

if you don't pay your creditcard it really effs up your credit

by crash- 6 months ago

Have Barack send them a note

by YOUR MOM- 6 months ago

Then you didnt bargain hard enough.. tell them , LISTEN, I HAVE NO MONEY, NOTHING NOTHING AT ALL. So either lower my rates or im not going to be able to pay at all.. so you either will get some money or NOTHING at all. Then they will MORE THAN LIKELY budge. If worse comes to worse and you dont mind your credit score being trashed.. dont pay.. it will go into collections, then reported onto your crdit burrot. Finally after years of attmept to try and colect money from you.. lets say you owe $1000, they will widdle it down to about $300 just to get something..before the limitations time runs out.. typically 7 years. . My husband did this before me met... he had a $1800 DEBT, never paid it, then 3 years later decided to fix his life up.. and had to only pay around $400 to clear it. So...... i guess if you dont mind trashing your score for awhile.. then you could do that....they also cannot sue....

by KnottyPine1213- 6 months ago

Here's my story: I racked up roughly $8,000 in credit card debt between 2 credit cards. One was a Wamu card and the other a Chase card. When Chase bought Wamu I then had 2 Chase cards. I couldn't make minimum payments, I couldn't pay anything. 90 days went by and I started getting calls allthe time. I ignored them all, and eventually got a settlement statement in the bill. They agreed to settle my account for $2,985. They wiped off $5,000 just to get a payment. Also aside from the 90 day late payment being put on my credit report, that is the only negative credit rating I received. They offered me the opportunity to pay the $2985 over 4 months. I have made the payments, and I am very happy that my debt was greatly cut by simply not making a payment for 3 months. If they stick it to you, stick it back to them.

by Benjamin K- 6 months ago

ok you must pay off all your debt then you must save as much as you CAN to pay off the debt like cutting back on food maybe skip lunch or dinner maybe you Wii lose a couple ponds you must save take out some money from your bank or saving once you have payd all your debt NO MORE CREDIT

by Maryse outllet- 6 months ago

i had to close out my cc accounts. Had three accounts and all but one agreed to close accounts and add ol fee and late pay fees until i finally caught them up after 7 months of payments.The one that did not agree sent account to collections and i got summons for lawsuit in 2/09 You have to know the process to delay and or defeat the collections company . They have no documents proving you actually signed agreement as it was prob. sent by mail. The law states there has to be a live witness at every contract signing and they cant produce a witness in court.I am going tru this process since 2/09 and i finally filed a Sworn Denial which says the debt may or may not belong to you and they have to bring a live witness to court(they wont find one as one does not exist)Did you know if you signed a agreement and mailed it to cc co. it only gives them permission to check your credit and is not considered a contract?

by charles- 6 months ago

Well they will send you to a collection agency and then you get hounded day and night by people who care nothing about your situation and all they want is your money and will go to any lengths to get it. This includes violating your rights. You mentioned that you have an impending foreclosure. My guess is that you may be considering filing for BK. So if you are going to file BK don't worry about paying the credit cards because you have to include them in the BK filing. My attorney said why put good money to bad debts. I have read on this board that the cc companies may be more willing to work with you, but I have talked to people who have tried this and no way were they going to budge. Make another try with them and see what happens.

by MKD- 6 months ago