What will happen if I quit paying my credit cards?

[franciejones]

Originally Posted by Myplanet2

It might pay to look over your contract(s) with the credit card company(s), and look over any security they had you provide. And it also might make a difference if you received your credit card from your mortgage provider.

Clif High said on one of his talks with Rebecca Journigan that the time would come where people would just stop getting bills as these companies go broke.

The printing presses would wear out long before they could print enough money to fix what's wrong in the credit markets. It WILL collapse.

Excellent. I agree and thank you for your help I did "read" the contracts and feel a you need a law degree to understand bits of it...most is easy to get, but those "bits" are what I am worried about!!!

Originally Posted by Northern Boy

First thing is no money has ever changed hands here you never recieved any money from the credit card company you recieved credits . Second you do not have to put up with those phone calls you simply send them a letter telling them to cease and desist all phone calls and all correspondence be made by mail I recently viewed a web site where a girl just went thru this she had 4 cards and quit paying on all of them all 4 tried to go the legal route and all 4 failed based on her knowledge of the card holder agreemment which no one ever reads . I`m at work but will post this info later tonite.

I look forward to this help and thank you so much!

Originally Posted by Surial

That reminds of a news article I saw yesterday about how credit card companies are offering gift cards to close high balance accounts. People that are only paying minimum payments are encouraged to close their credit card accounts because they are putting a strain on the credit card companies.

Very interesting...thanks. I have not heard tell of this as of yet. I will google this.

Originally Posted by Dantheman62

No they cannot take your house if you stop paying the credit cards!
There is also a statute of limitations of 10 years,in otherwards after 10 years of trying to collect from you, they can't do a thing after that.

Thanks! That was my major concern. Now I need to find out about wage garnishment

Originally Posted by Jnana

Francie,

Some of the answers here may be of interest (answers.yahoo.com):

What happens when you stop paying your credit cards?

I googled "stop paying credit cards" and found lots of hits - many people in the same boat with the same question.

Thanks Jnana...I should have done that ....but I do tend to rely on my Avalon friends for info as I am never sure of who places what internet content and from where


Thanks so much and if anyone who is a lawyer OR a collection agent reads this (god I hope there are some enlightened ones on this forum) please do let me and others know the loopholes we can use!