If you stop paying your credit cards — the good news is — legally a portion of your balance can be wiped clean! Best case scenario when you stop paying your credit card bills? The debt collection company harasses you for a while and then gives up trying to collect on the debt.
Many people do not realize you can legally stop paying credit cards. There is no longer a debtor's prison to punish those who refuse to pay debts. If you honestly incurred the debt without breaking any laws, you can stop paying it at any time.
Note that I am not licensed to practice in your state. This is not intended as legal advice. Please check with an attorney in your state. When you stop paying on any debt, the debt holder (in your case, credit card companies) can sue you for the amount, send it off to collection agencies, and attach your bank accounts.
Even if you pay for the minimum payment, you still have to pay for the principal. Since the interest for credit cards has increased, you may only be paying for the interest without paying for the principal yet. Some people say that there is no way to legally stop paying credit cards. However, you can legally stop paying for it.
Everything goes downhill from the day you stop paying your credit card. You may feel relief when you don't make your payments every month, and innocently think there are no consequences, but your credit card issuer is taking action on your missed payments.
Stop Paying Credit Card Debt - How To Legally Stop Paying Credit Debt Business Articles | March 20, 2010 It's not unusual nowadays for persons to acquire a large amount of credit card debt compared to what they are able to pay off.
Taking Action to Legally Eliminate Your Credit Card Debt. 7. Pay Off the High-Interest Balance First. If you’re a number cruncher, consider paying off your debts by tackling the card with the highest interest rate first. Then, move to the next highest interest rate card. This will help you pay less in interest over time. 8.
Stop Paying Your Credit Cards! CEPersVid-54 ... when the debt-ridden individual Stops Paying His/Her Credit Cards. Person explains the steps that will take place, from the selection of cards not ...
But if you are struggling and your kids need food and your marriage is at stake and you lost your job, then simply stop paying your credit card debt and follow the process I describe above. It's a 1-6 year process. I would say mortgage debt also but that's another post. Student loan debt is yet another post.
Here are the top five reasons not to pay your credit cards: If you owe $6,000 on a credit card with a 20 percent interest rate, and you only pay the minimum payment each time, it will take you 54 years to pay off that credit card. During those 54 years you will pay $26,168 in interest rate charges in addition to the $6,000 in principal that you ...