4urinfo asked:
I just lost my job and I have no savings at all. I’ve been paying the minimum payment for my credit cards but now I can’t no more. I’ve always been responsible with my bills but I came to this that I have no job and don’t know what to do. Just wondering besides getting bad credit what else can happen. Thank you.
Willie
I just lost my job and I have no savings at all. I’ve been paying the minimum payment for my credit cards but now I can’t no more. I’ve always been responsible with my bills but I came to this that I have no job and don’t know what to do. Just wondering besides getting bad credit what else can happen. Thank you.
Willie
Juan
well you will get a lot of interest and penalties, there could be lawsuit filed against you and your property can be repossessed to satisfy the debts
Comment by Kyle — June 18, 2010 @ 10:40 pm
Lewis
They can take you to court and get a judgment then garnish your pay when you get a job.
Comment by Leonard — June 22, 2010 @ 6:09 am
Beverly
Small debt pixies, terribly violent creatures, come in and tear your eyeballs out. The only known countermeasure: shotgun shells loaded with pennies.
God speed.
Comment by Derek — June 22, 2010 @ 10:19 pm
Teresa
I dont know,but im sure i will find out in a few weeks time,hahaha…..
Stupid pricks,i heared in australia,a family couldnt pay for there tv,so the bank sold there credit debt to the collectors,who then sold there house from under them for get this,the amount they were owning,$2500 BUCKS,.
there now homeless and fighting in court.
Btw,
You can actually go with the people who get you out of debt.here in aust,we have these people called Fox symes,if you have debt more then $10,000,they will some what Buy you debt,and then combine the debts to one easley week,fortnight or month payment
Comment by Cheryl — June 26, 2010 @ 4:14 am
April
They can do any or all of the following:
1. Turn the account over to collections, which can make your credit report and score worse, since you will have negative “hits” on your credit report from both the credit card company and the collection agency.
2. The collection agency can garnish your wages, which means when you do get a job again, they will automatically withdraw either the total balance or payments out of your paycheck.
3. If it’s a large sum of money, they can take you to court, where a judge can order you to pay the amount due or get jail time for fraud. This scenario is a bit unlikely, but it can happen depending on how much you owe the credit card company.
Comment by Jim — June 26, 2010 @ 3:01 pm
Kevin
well, you could have a writ of execution put on your bank account,and if there is enough money in there they can take it, or block the account so you cant get to it and even have a sheriff walk into your house and take your proerty it happened to me! so i filed bancrupcy and it stopped that from happening.
Comment by Andrea — June 26, 2010 @ 7:44 pm
Debbie
Your car and house insurance may go up, as many companies base your premium on your credit score, you will not be able to get a loan easily, utilities companies will ask for a higher deposit, renting will be more difficult, etc.
Your best bet is not to ignore the credit card bill, but call them and explain your problem. They may be able to lower your payment for a while so you can catch up without penalty. They don’t want you to default, they want the money you owe.
Comment by Claude — June 27, 2010 @ 8:43 am
Reginald
You could end up getting a judgment against you and your creditors can go after the money (plus fees) by issuing a garnishment (payment directly from your salary).
If you get garnished, I believe the maximum they can take is 20% of your disposable income. That can be a hefty sum and take a huge toll on your overall expenses.
You would be far better off contacting the companies and making the smallest payments possible to avoid getting a judgment.
Good luck!
Comment by Steve — June 28, 2010 @ 10:06 am
Ethel
you may want to call the company and let them know but they will send you to collections and then people will start calling you everyday even Sunday to try to collect and from there not much can be done. If it is thousands and thousands of dollars they can take you to court and try to sue but of you do not have a source of income there is not much they can do. But once you find a job they can garnish your wages so that your new employer will automatically start deducting the owed amount from your paycheck.
Comment by Lester — June 29, 2010 @ 2:01 pm
Susan
Well, the biggest pain is zombie debt. Eventually your debt is “written off” and it’s forgotten. However, some companies buy this debt off for cents on the dollar of what you owe and then come back at you years later.
They continue to harass you until you pay them or you settle out of it. This happens to a lot of people since the debt is very real, but it’s forgotten. A busy life eventually keeps people from digging up the truth.
Also, bad credit can and will damage your future prospects in a lot of ways. Depending on the nature of your job, you may not even get it! Certain jobs require security clearances and you may not get it because of your history with debt. So, ruining your credit is not the issue, it’s the starting point of things like not getting a house, not getting a job, not getting a loan, etc…
Think about it…
Comment by Kathleen — July 1, 2010 @ 12:01 pm
Randy
Late payment fees get added.
Interest grows.
Interest rate increases.
Your get further into debt without purchasing anything.
If you are in good standing (have made payments each and every month on time) with your credit card, I’d suggest calling them, letting them know about your situation, and see if they would let you skip a payment or two without any late payment fee or interest rate increase.
Do everything humanly possible (mow lawns, deliver pizza, deliver news papers) to earn money while beating the street to find another job and make your payments – and not just the minimum – get the whole amount payed off.
Don’t charge anything new until EVERYTHING old is payed off.
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Comment by Fred — July 6, 2010 @ 10:48 pm
Georgia
Besides interest and penalties, each creditor will file a lawsuit asking for damages that include attorneys fees. PLEASE call each creditor and tell them what is going on. WORK WITH THEM to get through this, it will save you time, money, and a lot of anxiety. They will want to help you, they are more likely to get money that way.
Comment by Darryl — July 7, 2010 @ 9:59 am
Cynthia
Your credit will be trashed, but that needs to be the least of your worries. You need to concetrate on paying food, shelter, and utilities in that order.
Credit is not the end all. And despite what some of these posters have said, credit card companies rarely sue. It happens, but rarely. In fact, after about six months of not paying them, they’ll be offering you settlements of 50-70% of you total balance. If you have a job by then, you can take advantage of this and get these leaches out of your life forever.
Comment by Reginald — July 10, 2010 @ 12:25 am
Steve
This can cause serious problems for you in the future, your best bet right now is to get a FREE credit report so you can identity what problems you might have in the future.
You need a government backed agency, not only with they give you a free report they will also advise you on how to prevent yourself from having serious credit problems in the future. The best to date i’ve ever found is at, they are government backed and have only a small form to fill in that takes less than a minute.
Good luck.
Thanks
Andy
Comment by Willie — July 11, 2010 @ 8:44 am
Bobby
Nothing, but change you phone#. If you are planning on not paying for them at all they can do nothing to you. It will hurt your credit, but like your feelings it will heal. They cannot garnish your wages or take your personal belongings and there is no more debtors prison. Try to talk to them first and if you are not happy with the solution you can walk away from the cards. I have done it many times. All they will do is sell that debt to some other company and it will show up on your credit report as a charge off. They can’t do anything to you.
Comment by Leslie — July 12, 2010 @ 6:24 am
Bill
I was in a similar situation 6 years ago and I just stopped paying and it was the best decision I ever made.
At first, they will call you constantly. I had to change my phone number because of it. Even with the highest of mental fortitudes, a collection call is an extremely emotionally challenging event to take. I did my best to avoid them, but eventually they get a hold of you and no matter how much you stick to your guns, the threats and emotinal torment they put you through is too much to bear. So, change your phone number and problem solved.
They will send you all kinds of threatenning letters. Ignore them. They are bluffing. They are actually very limited on what they can do.
So, what can they do? They can seek a judgement against you in small claims or in court (if its more than $5,000), but that doesn’t mean much. And they won’t do it unless they know where you are working or have the information on something you own they can put a lien against such as a car or a house.
Living with bad credit is not such a bad thing. Its actually a very good thing. It helps you be disciplined and that in turn saves you a ton of money in interest. After 7 years, the bad debts drop off your credit report. The biggest hassles are buying a car and renting an apartment. But you can if you have friends and family willing to help once in a while, you can get through them easily.
I’m actually doing quite well financially lately, but there is no way I am paying these credit cards back. They roped me in at 18 years old by giving away marijuana-themed t-shirts at my college campus. They don’t deserve a penny from me. And I am never going to be in debt again, not even to buy a house. I’m paying cash until the day I die.
Comment by Roy — July 13, 2010 @ 12:33 pm