Money Matters Consequences of Ignoring Credit Card Debt

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Money Matters Consequences of Ignoring Credit
Card Debt
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• Q My husband, Todd, and I have gotten into some
  trouble with credit card debt. We owe over 6,000
  on one credit card and about 18,000 on another
  card. We were barely able to keep paying the
  minimum monthly payments, and then Todds company
  closed down 2 months ago.Since then, we paid
  the monthly minimums for both of them the first
  month he had no job. The second month just passed
  and we were unable to pay. I dont see any hope
  that we can ever pay even one of these minimum
  payments until Todd finds another job, and thats
  not looking good right now.I guess we were
  hoping that, since so many people out there are
  in the same fix as we are, that no one would
  notice that we were no longer paying these
  bills. Wed like to just walk away from these
  debts. Were sorry we charged these cards up so
  high. Wed intended to pay it at the time, but
  now, we most likely never will.What exactly
  will happen to us because we stopped paying these
  two credit card bills?

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• A Unfortunately, many people are in the same
  boat as you and Todd. Even so, theres no real
  chance that youll get away from nonpayment for
  these two bills scot-free. After your 30 days
  past due, most debtors will make efforts to
  contact you by phone or mail and ask you to pay
  your bill.Your best course of action would be
  to contact your debtor before the company
  contacts you and let them know your situation. In
  fact, if you call them before the payment youre
  about to not pay is due, thats the best plan of
  all.Your goal should be to try to work out a
  reduced payment plan that you can realistically
  stick with.

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• CollectionsWhen youre 2 months overdue calls
  and contacts from the debt company will be less
  pleasant. Its likely the company will turn your
  account over to Collections. This isnt good
  news. Collections will try to pressure you to pay
  your bill.Plus, more fees will be piled on to
  what you owe (such as late fees and additional
  interest costs). If theres good news, its that
  you can still directly contact the debt company
  and try to work out a payment plan.Once youre
  past due by 90 days the account will most likely
  be shut down and collectors will be quite
  aggressive in their efforts to get you to pay.
  Some experts actually recommend never paying the
  collections companies and insist you go back to
  the original debt company.The 90 day mark tends
  to be the window during which the debtor will
  report your non-payment to the credit bureau.
  Still more late fees and interest fees are being
  added at this time.After this stage, you can
  try to negotiate a reduced amount to pay back.
  For example, for the 6,000 bill, you can offer
  to pay back in total 3,000. If the company
  accepts your offer, you must pay it off right
  away.

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• LawsuitsIn the event you continue not to do
  anything about the bills, the credit card
  companies can sue you for non-payment. Then
  youll end up in court and the creditors may win
  judgments against you and even put liens on your
  home if youre the owner.Depending on the laws
  for your state, you may want to file bankruptcy
  to protect your home. At that point, the judge
  can order you to give up your property or other
  possessions as payment toward your debt, based on
  the type of bankruptcy you pursue.Your Best
  BetIn essence, your very best plan is to
  contact the individual debt companies immediately
  and work something out. Otherwise, these
  companies are simply going to keep piling on fees
  making it more difficult for you to ever pay off
  the quickly-rising balances and preserve your
  good credit. Good luck!

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