Question
After a credit card balance has been delinquent for more than 6 months, it's over?
finance ... i quote from this article from yahoo finance After a balance has been delinquent for six months, regulations require the card company to reduce the value of the debt on its books to zero. If a borrower has not paid by this point, chances are he never will.
5 months ago - 4 answers
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If you ever own anything, they will put a lien on anything you may own in the future.
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I'm there, so sad!
5 months ago
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Other Answers
They sell the debt to a collections agency.
by OneLastRevolutionary- 5 months ago
After 90 days, the credit card will probably be canceled by the bank. It will also be reported to all 3 credit agencies after 30 days as a slow pay and will stay or your credit files for 7 years, 180 days. If you have a checking or savings account, they have the right to take the money. It's called the right of set-off
by stan c- 5 months ago
Just because the credit card company charged off the debt, doesn't mean the borrower is off the hook. The debt will be sold to a collections agency for pennies on the dollar and then they get to take a turn at trying to recover the debt. If that doesn't work, they may sell it again, or sue the person.
by Help Is Here!- 5 months ago