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credit card default consequences? Will they sue me if I am not able to maintain my payments?

I am in harsh financial situation and can not afford payments any longer. What would be the worst scenario if I default on my credit card which I have the outstanding balance of $8000 on?

Please help answering me in this regard ...

8 Answers

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  • 1 decade ago
    Favorite Answer

    Call the credit card company and tell them your situation. They might be able to work out a plan with you. This plan might include freezing your interest and assessing no more fees. They do want their money and will work with you to try to get it paid back in a timely fashion if you let them know in advance of your missing payments.

    Please do not think that they cannot take you to court. I suppose it depends on your state but if you live in INDIANA they can and will take you to court. My sister went to court last November for around 4k worth of debt. Not only did the court garnish her wages, they added attorney's fees and court costs to the amount she owes.

    The 'trial' was like kangaroo court. They merely asked her to verify her idenity and to make sure that she did in fact make these charges. When she responded in the affirmative, her job was verified and her income was verified and the rest is history.

    She is STILL paying on that garnishment and it was embarrassing for her since the wage assignment had to go to the human resources department.

    If you have all of your paperwork together, why not file your taxes and use ALL of that money to pay down your debt.

    That might cut your debt in half thus makign your payment was more manageable.

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  • 3 years ago

    Credit Card Default Consequences

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  • 6 years ago

    Pretty sure that you must find every financial clarification at: loanfocus.info-

    RE Credit card default consequences? Will they sue me if I am not able to maintain my payments?

    I am in harsh financial situation and can not afford payments any longer. What would be the worst scenario if I default on my credit card which I have the outstanding balance of $8000 ...show more

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  • Anonymous
    5 years ago

    This Site Might Help You.

    RE:

    credit card default consequences? Will they sue me if I am not able to maintain my payments?

    I am in harsh financial situation and can not afford payments any longer. What would be the worst scenario if I default on my credit card which I have the outstanding balance of $8000 on?

    Please help answering me in this regard ...

    Source(s): credit card default consequences sue maintain payments: https://tr.im/nOuXZ
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  • Anonymous
    1 decade ago

    I was in the same situation 2 years ago and had to stop payments. I had spoken to several “debt relief” agencies who provided 1st consultation per free. All I could get out of them at these consultations is how much and by what methods I should be paying for their legal services, and only after I am paid off with them they would start working on my case. The average amount of money I was asked for by such agencies has exceeded $5,000. I do not have such money even for my rapidly deteriorating health (I have no medical insurance so I pay out of pocket) so I did not make any payments since and could not hire anyone to help me out. I am in default as it is. My phone rings every hour everyday. Despair is my roommate. The worth case scenario that I fear is that I will be sued by the credit cards, my low wages will be garnished for the rest of my life. The life in default is hell. You do not want it. Do not procrastinate with it. The sooner you resolve it all the better you are. Not immediately better though, not until you are financially squeezed out totally. Or, and no credit for 5 years at least. So be prepared to live on your paycheck only, no matter what your circumstances are like. No one will help you. They will only charge you fees and penalties. Good luck!

    Source(s): personal experience
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  • 4 years ago

    Wow, the 2 people above this are totally wrong. It means the credit card owes you money. You either overpaid your bill because you had no balance beforehand, or something you purchased hadn't been credited yet. Maybe you paid the bill assuming that because you had purchased something it had gone on the account right away, but it takes time. Wait for your bill before you pay.

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  • Anonymous
    1 decade ago

    It'll go to a collection agency and they will call you at home and work until you pay. It will also show up in your credit history. If they choose it could go to court and result in a judgement against you and possible wage garnishment etc.

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  • 1 decade ago

    credit score will dive DOWN-and no more cards

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