Home Equity Loan
Letting credit cards go with no payment?
What would happen if I default on my regular credit card payments and allow them to go to collections? It would be easier for me to pay off the settlement balances in a year or 2 and also have it taken off my credit then. I have no option on home equity or credit consolidation, I tried them all.
Public Comments
- Do what you have to do such as file bankrupcy.
- DO NOT LET THEM GO INTO COLLECTIONS. Instead, call them and tell them your situation and work out some kind of repayment plan. Pay something, ANYTHING. You do not want to go through collections.
- I would contact one of these non profit credit card consolidation debt relief programs first. If you just default they will and can call you and harass you all the time and they can file judgments against you which will NEVER leave your credit history even if you satisfy them and that does not look good on your credit record for future loan options and possible employment - a lot of places check your credit as well as background
- Basically your credit would turn to crap and you wouldn't be able to get a loan for anything for a LONG time.
- The more immediate result of this will be the neverending annoying phone calls - work, home, better hope they don't get a hold of your cell phone number as well. Also...if you let them go for a year or two, what do you think the interest rate is going to do? That's a scary thought right there! And...it will remain on your credit report for a while. Make the minimum necessary...and a bit more when you can afford to. Don't screw yourself over this.
- You should try to make some type of payments towards them if you can. Letting them go just ruins your credit report. If you can't make any payments at all try a legitimate credit consolidation agency (do research, ask around) and they can combine all cards into a low monthly payments. The second option try finding a credit card with a low interest rate and move the balance over. -Good Luck
- have lots of fees and go on your credit report and make your credit look bad...
- Most of the time regular consumers lack the expertise to negotiate with a bank for a settlement on an account. Keep in mind they could sue you for the balance owed and garnish your wages.
