Well ..... you better try to pay it off and talk to bank to transfer that debt from a credit card to another loan facility and make an agreement to pay over certain period of time. You better try and arrange something like that rather than be bankrupt.... if you declare yourself bankrupt you wont be able to get any kind of loans, not only with the banks, but also with other institutions. You don't want to end up on that kind of list.... it is not good for your track record and future.
by Maja - 11 hours ago
There is really nothing they can do except trash your credit score. Credit cards are un secured loans which mean they cant sue you or anything. If you are that bad off talk to a bankruptcy lawyer. You might want to change your number because the bill collectors will be calling.
by southside - 11 hours ago
The only time they'd charge you $20 is if you don't make the minimum payment by the due date. The $20 you're describing sounds like a late charge fee. But the $20 could also be interest, aka finance charges, for not paying off the entire balance. I work for a bank. I can tell you most credit cards have a cycle date, a date where they cut off your statement and charge you. There's usually a grace period to pay charges, my bank for example is 25 days. If you fail to make a payment after the grace period ends, there's a late charge. If you don't pay off your entire balance, it starts collecting finance charges (interest). So, to answer your question, you're paying $20 because you failed to cover the minimum by the due date.
by Bob Smith - 11 hours ago
When you are unable to pay your loans the best approach is to active, rather than wait for them to come after you. Talk to the credit card company, explain why you can't pay. Come up with a plan for payment over time. If you really have a big problem consider having yourself declared insolvent (the first step in bankrupcy). If you do nothing, they they come after you, take your possession, empty your bank account, and have the money deducted directly from your pay packet.
by flingebunt - 11 hours ago
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