I have a question about credit cards

[Claudia Love]

what can happen to you if you owe 5k and dont pay it back besides bad credit
my cousin sin debt and I dont know how credit card companies deal with this
any help appeciated

 

[lundunguy]

There are collection agents who will get involved and make life miserable .

 

[oakvilleguy]

Vinny and Vito will be knocking and will breaka the legs

 

[johnd5050]

If you cannot repay credit card debt, then don't borrow money.

 

[Wanderer09]

what can happen to you if you owe 5k and dont pay it back besides bad credit
my cousin sin debt and I dont know how credit card companies deal with this
any help appeciated

After a while credit card companies will sell off the account to third party collectors who specialize in making life hell. They will keep calling and in some cases will call close family and friends as well to get money. And ofcourse the credit score will take very bad hit. If you wanted to know if they can get your cousin arrested or take to court etc then nothing to worry about those things.. that won't happen

 

[GeeBee]

As tempting as it is to say "fuck it" and ignore the debt there are huge long term ramifications. No one forgets about it, and if your cousin ever needs to get a loan, car loan, student loan, mortgage etc.. it will never happen if this is still outstanding.

 

[JohnHenry]

Call a credit counseling service. There are lots of non-profits.
https://www.google.com/search?client=firefox-b-lm&q=credit+counselling

 

[drooler]

As tempting as it is to say "fuck it" and ignore the debt there are huge long term ramifications. No one forgets about it, and if your cousin ever needs to get a loan, car loan, student loan, mortgage etc.. it will never happen if this is still outstanding.

Excellent reply GeeBee. You nailed it.

 

[superstar_88]

They assign 2 burly men to your home to break knee caps

 

[Jenesis]

Bad credit can effect more then most people think. You could be denied services like cell phone or cable. Pay huge deposits for shit like your hydro or gas or water if you need those in the future. If you want a mortgage/car loan, forget it - although based on how you worded this, it seems that is not something being cared about.

Creditors can go after you as stated, and you won’t get new credit cards. Forget ordering online for anything, or go through the hassle of pre-paid cards. Which if you need something that is 110.00, you most likely have to buy a card for 150/200 plus activation fees, and if the card is lost or stolen, you are screwed for the money.

Bad credit is horrible and those who don’t care, well…..let life be a pain in the ass. I can’t imagine living with bad credit. I know I am safe if an emergency happens. I have more credit then I actually need. Literally just canceled a card I don’t ever use, just yesterday.

You are better to make a payment plan with the CC company and just pay it off. Make a settlement and gain no further interest, pay it and it will look better on your credit

 

[poker]

Go to a credit counsellor…. They will talk her through the steps of a Consumer Proposal.

Every situation is different…. But it goes through the courts, almost like a bankruptcy, and she may only have to pay back 20-30% of all her debts over 5 years.

Yes, it hurts the credit rating… but I have seen people go through it and buy a house year later. Lenders are more interested in cash flow positivity.

 

[poker]

Consumer Proposals: An Alternative to Bankruptcy in Ontario - Bankruptcy Ontario

Repay your debts for less than you owe with a legally binding Consumer Proposal. Talk to an Ontario trustee today about a better solution.

bankruptcy-ontario.org

 

[Ceiling Cat]

I have a question about credit cards

...............so now it is your cousin, is it you .