Ok this is getting kinda seriously and very stressful .... I have over $50k+ in credit card debt (dont ask how .. dumb past) and I've try to pay it the past 2 yrs and it seems to go NO WHERE! You can imagine the interest every month and I have to worry about my mortage and other things to pay for. So I feel like I'm throwing my money away every month on the cc. Well I've been thinking .... what would happen beside bad credit for 7yrs... if i decide to charge it off? meaning not pay anymore. seem like 7yrs will come either with bad credit and rebuild ... or try to pay $50k in cc debt which mean I could end up paying $100k+ for 7yrs at this rate to get it off. So my questions is what can happen if i decide not to pay .. beside them harrassing me for awhile? would they call my work looking for me everyday? It is insecure loan right? This is getting tooo stressful to pay every month
Go Buy "Total Money Makeover" by Dave Ramsey ASAP. It's a life changer. or check out daveramsey.com or call into his radio show tomorrow. Its on in Houston, I forgot what station though.
50K in CC debt? Holy hell. You must have like all of the coolest stuff in your crib. You should have a ClutchFans garage sale. That's the most CC debt I've ever seen someone admit to having.
Man, I thought my dept situation was bad. I'm stressing over about $10k in dept right now but that seems like nothing next to yours. But I am starting a well paying job in a couple of months (i just finished college) so I don't have too much to worry about. Well, good luck. I feel for you.
They can sue you, they WILL win, and they can eventually begin to garnish your wages. so you will pay eventually, I sent you a PM, good luck, but DON'T GIVE UP. its just money, not your Health.
How can they sue? I thought it was "insecure" loans that you "dont have to pay back" .... I remember one of my business professor saying that too at UH.
Already your credit will be bad enough. Try not to go for bankruptcy. You need to find a plan even if it means making settlements with your the people you owe money to. Tell them that you would like to pay, and that you know that you wont' be able to do it if they stick it to you with all the crazy penalties, but you would like to pay what you owe. See what kinds of deals you can make, and stick to them. In the meantime don't use a credit card. I never use a credit card these days. I use my debit card, and that is it. Also if you don't pay it they can take you to court and that will cost even more money if you don't come to terms with them or file for bankruptcy.
Cut up every card you have because you obviously have no idea how to manage your money. Sell as much as you possibly can and put every penny towards your debt. Get rid of cable. Get rid of your cell phone. Get rid of any and everything that isn't necessary. Stop going out. Stop spending period. Pay that **** off and then start over completely. Then next time don't screw it up.
Unless I am mistaken IF you live in texas Only Child Support and the IRS can garnish your wages Rocket River
Seriously ... when was credit card companies able to SUE? when is an "insecure" loan and I've heard of people charging off like 10yrs ago but said they couldnt do anything ... and my professor at UH said the same thing? confusee
Don't be a p***y. You owe the money. Pay it off. Take responsibility for the dumb decisions that you have made and learn from it. Everyone goes through it at one time or the other.
He asked, I gave my opinion. It isn't like I haven't been in serious debt before and honestly going through that crap and making the tough decisions that I made was one of the best things I ever did.
They can sue you and at some point they probably will sue you, but they can't collect on the money (depends on your state). If you live in Texas they can't garnish your wages. I'm a bit murky on this, but I believe they wait several years to sue -- then they file which keeps the debt on your credit for an additional 10+ years. I could be way off on this but I think i'm at least close.
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