Question
What is the worst that could happen if I stopped paying my credit cards?
I racked up a lot of credit card debt on a failed business venture a few years ago, and I have been working hard to pay off the debt. I no longer use the cards, and I've worked with the creditors to get my interest rates down and set up payment systems. I've been paying principal on top of the interest to get the debt down quicker, and I've never missed a payment on any of the cards. But I've recently had 3 out of 4 cards change the terms on me. They've reduced my available credit limit (no biggie since I don't use the cards) and they've increased my minimum payments due. I'm already on a tight budget, and I was barely able to pay principal. Now I can only afford to pay the minimums. I was trying to do the right thing. I took the money, so I need to pay it back based on the original terms. But if the creditors are going to change the terms on me like this, why should I be morally bound to repay them even more money than was initially agreed to? I want to tell them to eff off and just stop paying them any more money. So I am wondering what the worst is that could happen if I decide to do that. Could this affect my wife? All of the accounts are in my name, and the debt on the cards was acquired before we got married. Does that matter?
1 month ago - 10 answers
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You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments - creditreport.imess.net
by Brandon
1 month ago
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Other Answers
Credit card debt is unsecured so they cannot come after your house or anything like that. Just know you'll easily take a 100-150 point hit on your credit.. you will not very easily qualify for a mortgage, car loan, loans in general and certainly another credit card. In the end, likely after 3+ years, it will make its way to a law firm where the will have your wages garnished. In the end, they screw you more than you screw them
by M B- 1 month ago
they will find you n take to to jail
by Tiffany- 1 month ago
omg...who is the MF that keeps putting all this stuff up for sale on here? They need to go away! The worst that can happen is nonpayment will ruin your credit and your phone will start ringing off the hook for months, if not years. It won't affect your wife's credit rating, but it will affect her indirectly since she will be married to a guy with much less than desirable credit. Or if you were to die, they would try to make her pay. They can't make you pay, but they will hound the absolute sh!t out of you.
by BigAl- 1 month ago
They are changing the terms ahead of the new credit card laws. You can close your accounts to freeze the rates at the current level. Contact the companies and tell them you want to opt out. As far as morally obligated, you spent their money. You are not only morally obligated, you are legally obligated. You think the credit card companies are bad wait until you start dealing with the debt collectors. They will sue you(they just about always win). Garnish your wages, place liens.... BTW: as far as the wife is concerned, any liens will only go against community property or property with both of your names on it(bank accounts, house...) any private assets she has should be fine. If your are buried and can't find a way out, talk to a bankruptcy lawyer.
by timothy p- 1 month ago
The worse scenario is probably filing for bankruptcy, which disrupts your financial life and ruins your credit for a period of 1-10 years, depending on the circumstances. The flip side of bankruptcy is that it has the potential to "force" your creditors to "do right" by you in some ways. If your debt exceeds your current income by a factor of 3x, it is worth exploring the option with a bankruptcy lawyer. If by a factor of 10x, bankruptcy is likely among your better options. Your bankruptcy will not require your spouses bankruptcy. The impact on your spouse really depends more on the ways and the extent to which your financial lives are entangled. Best to consult an expert. The worst possible thing you can do is just abandon your debt and "let what ever happens, happen." By abdicating control in this way, you will still have to deal with all the garbage but you will be allowing them them to take charge of the process.
by MVD34- 1 month ago
you will get collection calls/letters for a very long time - and when you try to get another one it will be many many moons before you get approved & the rate will be high or it will need to start as a pre-paid card. bankruptcy is an option. honestly, i didnt read the entire story - its a little long for me.
by Taildog Ω- 1 month ago
When they change the terms, they usually give you an option to send a letter saying that you refuse to accept the changes. If you do this, then the account is closed, and you are no longer allowed to use it (which you stopped doing anyway), but you must pay off the balance under the original terms. You do not get out of paying back the company, but you are subject to the terms that existed prior to the change that you refused, and not to that change or any subsequent change. If you stop paying completely, then it goes on your credit report, your score drops, collection agencies call you, and you are sued.
by StephenWeinstein- 1 month ago
You could get sued by the credit card companies. Typically you will be ordered to pay some portion. Your credit is probably trashed now anyway. You could possibly settle with them if you are behind. Caution if you do settle with them, you are liable for the taxes on that settled money. They will not settle if you are current. If you are current with them stay that way it will be better for you. Your not bankrupt until you are forced to be. Go to www.daveramsey.com and take some of his advice on personal and business finance. It really helps and works.
by mjghunter- 1 month ago
I work in the credit card market, and with the new law, and rules, they are starting to push for jail time, which is great to finally put bums in jail that don't pay their debts. Most likely though, you'll get your paychecks garnished, and you'll owe for a while.
by T2- 1 month ago