A negative credit impacts you in many ways.
Reduces purchasing power
Can't buy new cars
Can't buy a home
pay more for insurance
may even cost you some job opportunities
Sometimes, it can't be avoided, but don't be so callous about it. Take control of your life and work on the problems you can work on.
Reduces purchasing power
Can't buy new cars
Can't buy a home
pay more for insurance
may even cost you some job opportunities
Sometimes, it can't be avoided, but don't be so callous about it. Take control of your life and work on the problems you can work on.
Not paying your credit card bills in agreeable fashion could result in a visit from This Guy
<a href="http://vids.myspace.com/index.cfm?fuseaction=vids.individual&videoid=21041333">Where's my Money</a><br/><object width="425px" height="360px" ><param name="allowFullScreen" value="true"/><param name="wmode" value="transparent"/><param name="movie" value="http://mediaservices.myspace.com/services/media/embed.aspx/m=21041333,t=1,mt=video,searchID=,primarycolor=,secondarycolor="/><embed src="http://mediaservices.myspace.com/services/media/embed.aspx/m=21041333,t=1,mt=video,searchID=,primarycolor=,secondarycolor=" width="425" height="360" allowFullScreen="true" type="application/x-shockwave-flash" wmode="transparent"/></object>
<a href="http://vids.myspace.com/index.cfm?fuseaction=vids.individual&videoid=21041333">Where's my Money</a><br/><object width="425px" height="360px" ><param name="allowFullScreen" value="true"/><param name="wmode" value="transparent"/><param name="movie" value="http://mediaservices.myspace.com/services/media/embed.aspx/m=21041333,t=1,mt=video,searchID=,primarycolor=,secondarycolor="/><embed src="http://mediaservices.myspace.com/services/media/embed.aspx/m=21041333,t=1,mt=video,searchID=,primarycolor=,secondarycolor=" width="425" height="360" allowFullScreen="true" type="application/x-shockwave-flash" wmode="transparent"/></object>
Take these sucker to the bank!!!! I dont see your or my name on the Rose Bowl field after getting bailed out by the taxpayer in a usury type bizness.
By them tempting you with offers is crime enough. They should be happy that you dont hurt them physically or step on their grass at the Rose bowl!
Citi is the biggest joke out there. They are changing the severance pay rules now, before they let people go, so that it will save them some money... Only look out for you in these matters my friend. Thats all they do.
But just a note that filing Ch. 7 has a few more hoops to jump through now, like a little credit couseling crap, but not a problem as long as you look them over.
So funny that now Ch. 7 doesnt like you taking cash of 500+ within the last 6 months before filing.... heee haw
:toast:
Don't cancel the cards, that will be a negative on your credit score. Ask them to lower the interest and just stop using the cards. Inactivity is better than a cancellation in the eyes of the credit score.
If you were responsible enough to have a card and spend on the card you should be responsible enough to pay off your debt. Sticking it to the credit card company only comes back to bite the rest of us. You'd be no different than someone living off the system, welfare, unemployment, etc.
Just because the banks are getting a bail out doesn't mean it's right and definately doesn't mean we should all be irresponsible with our spending and savings.
If you were responsible enough to have a card and spend on the card you should be responsible enough to pay off your debt. Sticking it to the credit card company only comes back to bite the rest of us. You'd be no different than someone living off the system, welfare, unemployment, etc.
Just because the banks are getting a bail out doesn't mean it's right and definately doesn't mean we should all be irresponsible with our spending and savings.
Just take some money out of your savings accounts and pay them credit cards off. Then you won't owe them any money. In fact, if you pay each card a little more than you owe they will owe credit card money and you be in a better situation and will feel gooder than you do now. Hope this helps.
When you have the money and are pissed at the CC bastards, this is not a bad plan. Overpay them by some huge amount, say $5 and then forget you have the card. They will have to bill you months on end before they give up and send you a check.
I dont know if you can deal them any further inconvenience by not cashing the check because I have always cooled down by then and deposit the check.
only thing they really can do is ruin your credit...unless you have alot of assets
they can sue you in civil court for 2x 3x the original credit limit after tacking on fees
the SOL varies in various states...this means they only have a certain amount of time to sue you before it is legally time barred...here in california its 4 years...it goes by the state you live in
after 7 years they cannot report on your credit file by law....but the debt never goes away...it will be passed around by 'zombie' debt or 'junk' debt collectors who will stop at nothing to get you to pay....even if the SOL has expired....for a $5000 debt they pay about $200....keep that in mind when they start calling and telling you that you stole money and didnt pay it back...they will call you a thief and threaten to take everything you got....if you have assets...the best option for you would be a chapter 13 bankruptcy...where you have to pay back some of the debt...because if you lose in civil court...you will have a judgement put on you...and anything you have can be taken to pay the judgement i.e. bank accts and assets
I will tell you this though....when a debt collection agency gets a hold of it....they most likely wont have the original signed contract....no original signed contract showing you are obligated to pay a debt back....no judgement can be made against you in court....the judge will turn to their lawyers and ask for that document....if they cant provide it....their case is toast...and thats only if they file before the SOL clock ticks away
bottom line...wake up...sleep...go on with your life...dont worry about these credit card companies...they make billions of interest raping americans blindly and their CEO's see that reflect on their paycheck
my advice...let anything you are having trouble with or cant pay go to collections
once a acct is charged off you arent dealing with the original creditor anymore...and thats a good thing....you might be able to settle with a collection company for 50% of the original debt....remember...they paid 2 cents on the dollar...so if they get anything....its a win win for them
they are also bound by the FDCPA...you send them letter telling them not to contact you over the phone they must comply...for every violation of the FDCPA its a $1000 fine...which you can sue them for in civil court
hope this info helps you....
they can sue you in civil court for 2x 3x the original credit limit after tacking on fees
the SOL varies in various states...this means they only have a certain amount of time to sue you before it is legally time barred...here in california its 4 years...it goes by the state you live in
after 7 years they cannot report on your credit file by law....but the debt never goes away...it will be passed around by 'zombie' debt or 'junk' debt collectors who will stop at nothing to get you to pay....even if the SOL has expired....for a $5000 debt they pay about $200....keep that in mind when they start calling and telling you that you stole money and didnt pay it back...they will call you a thief and threaten to take everything you got....if you have assets...the best option for you would be a chapter 13 bankruptcy...where you have to pay back some of the debt...because if you lose in civil court...you will have a judgement put on you...and anything you have can be taken to pay the judgement i.e. bank accts and assets
I will tell you this though....when a debt collection agency gets a hold of it....they most likely wont have the original signed contract....no original signed contract showing you are obligated to pay a debt back....no judgement can be made against you in court....the judge will turn to their lawyers and ask for that document....if they cant provide it....their case is toast...and thats only if they file before the SOL clock ticks away
bottom line...wake up...sleep...go on with your life...dont worry about these credit card companies...they make billions of interest raping americans blindly and their CEO's see that reflect on their paycheck
my advice...let anything you are having trouble with or cant pay go to collections
once a acct is charged off you arent dealing with the original creditor anymore...and thats a good thing....you might be able to settle with a collection company for 50% of the original debt....remember...they paid 2 cents on the dollar...so if they get anything....its a win win for them
they are also bound by the FDCPA...you send them letter telling them not to contact you over the phone they must comply...for every violation of the FDCPA its a $1000 fine...which you can sue them for in civil court
hope this info helps you....
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