Stop paying credit card bills?

Hi,

I recently visited a BK lawyer and he said just don%26#039;t pay them any more.

I have several small balances.

Capital One 600

Providian 1000

Orchard Bank 300

Bank of America 3500

Sears 1000

NY%26amp;Co 350

Not a whole lot of debt but can%26#039;t afford them all. I live in NC and wage garnishment doesn%26#039;t happen. What do you think about not paying?

Stop paying credit card bills?

you can not pay them but they will be sent to collections and they will be harrassing you

also you will ruin your credit rating

Stop paying credit card bills?

I think you should pay them. If you don%26#039;t pay them, I end up paying them. That%26#039;s why there are 18%+ apr%26#039;s on those things.

Try and do some balance transfers or take out a consolidation loan. Otherwise, those guys are going to hound you forever and your credit score is going to be screwed. No getting a house, car, job, or student loans after that happens.

Stop paying credit card bills?

I think that makes you a jerk.

Personal responsibility and ethics should cause you to pay what you owe. You%26#039;re foisting off your lack of ability to be fiscally responsible onto everyone else who is. If you can%26#039;t pay the minimums then pay what you can each month.

Stop paying credit card bills?

You shouldn%26#039;t just not pay the bills. They will stay on your credit report for 7 years. So if you plan on buying a car or a house or needing a line of credit for something else, not paying these bills could hurt your chances of even qualifying for a loan/line of credit. If you do qualify for a loan, chances are your intrest rate will be higher because the banks will look at your credit report, and see all of these unpaid bills. In the banks eyes, you not paying these bills makes you a bigger risk than someone who has a good credit history.

You should pay what you can, even if it%26#039;s $10/month. You are responsible for these bills. You signed your name to the applications saying you promised to pay in full. If you decdie not to pay these bills it%26#039;s just like stealing.

Stop paying credit card bills?

your credit will go to hell and you will never be able to get a loan on anything.

Stop paying credit card bills?

OH MY GAWSH!!! DO NOT LISTEN TO HIM! What he is doing is trying to get you to not pay your bills so that in 4 months or so he would hope you return to him to file a chapter 7 bankruptcy. DON%26#039;T STOP PAYING!!! YOU WILL RUIN YOUR CREDIT! If you can, just pay the minimum payment on the ones you can. Then call the other cards and strike a payment plan deal with them. They will be more accecpting to get their money this way then not getting it at all. I am a licensed mortgage broker in Ohio and I see this ALL the time. Lawyers want you to default to a poin that you are forced to file a bankruptcy. If you do not own a house, then a chapter 7 bankruptcy is an option. This irradicates ALL of your debt, whiping your slate clean. It takes awhile to rebuild your credit, but it gets rid of EVERYTHING. If you do own a home, a chapter 13 bankruptcy may be ideal for you, again - ONLY IF YOU FEEL THAT BANKRUPTCY IS AN OPTION. I never advise my clients to stop paying their bill. What a bunch of bull.

Stop paying credit card bills?

You need to call these companies and tell them your situation.

Why the heck are you talking to a bankruptcy lawyer, when I just know you haven%26#039;t called each one to work out a payment arrangement.

You need to re-do your budget figure out how much you can pay a month and start negotiating with your creditors.

They want YOUR money and any money is better than the proceeds they would get out of bankruptcy.

Lawyers are a last resort when ALL of your individual negotiations with your creditors have failed.

TALK TO YOUR CREDITORS!!! It is in their best interest to negotiate with you for an agreeable solution to your financial problems.

And just remember, your credit is an extension of your character. Man up, face the creditors, and take charge of your future.

I suggest you negotiate verbally first. Then by certified letter second. Then if you can%26#039;t get it resolved, then and only then, consider bankruptcy.

Stop paying credit card bills?

I agree with DaMan, talk to your creditors.

That BK lawyer sounds like he just wants your money, no matter the cost to you.

Stop paying credit card bills?

A friend of mine had balances so huge, yours would seem like pennies. She went through bankrupcy, and the lawyer told her the same thing. $33,000 in credit card debt gone in one afternoon. On top of that, she and her husband bought a house at a decent interest rate.

Stop paying credit card bills?

I have no idea why anyone would tell you to stop paying them..

If you use your salary to pay the minimum balance on each card each month, it could take you as much as 20 years to pay them all off.. Interest charges and overlimit charges and late charges will kick your butt..

What you do is start with the cheapest one - pay it ALL .. next paycheck pay the next cheapest one, and so on and so on until they are all paid off

This is a proven technique that most experts reccomend to succesfully get yourself out of debt.

Stop paying credit card bills?

No, not paying is the last thing you should do, as it%26#039;ll just drop you further in the sh*t.

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