What are the consequences if you just quit paying your credit cards?

[thoughtomator]

If you're prepared you can turn those collection calls into money. Few if any collection agencies follow the law, and by documenting breaches of legal obligation you can sue them for some pretty decent money. I've heard some people actually make a living this way.

[KCIndy]

If you're prepared you can turn those collection calls into money. Few if any collection agencies follow the law, and by documenting breaches of legal obligation you can sue them for some pretty decent money. I've heard some people actually make a living this way.

If that doesn't work, try crying and blubbering every time you get a collections call, and then start hitting up the collections people for small "pity" loans.

[devil21]

1) Credit reports will be completely trashed for at least 7 years, maybe longer if the furnishers of the data break federal law
2) Massive amounts of harrassing phone calls and letters, maybe even in person visits to your home
3) Can be sued by original creditor but this rarely happens, debt is usually sold to collection agencies/junk debt buyers for pennies on the dollar owed
4) More likely to be sued by the collection agency/junk debt buyer, and they often don't properly serve you notice so you get a judgment against you without your knowledge and that comes back to haunt you through:
5) Wages garnished, bank accounts seized due to court judgment that you weren't served with
6) You will have difficulty buying a car, renting a home, getting jobs, or anything else that may require a credit check. Life circumstances change so what you may not care about today could be a big problem later.

[kcchiefs6465]

If you're prepared you can turn those collection calls into money. Few if any collection agencies follow the law, and by documenting breaches of legal obligation you can sue them for some pretty decent money. I've heard some people actually make a living this way.

That, or just have some fun with it. I've had quite a few collectors hang up on me. I've read of someone in California making a living off of suing spam senders. He's made like two million dollars just off of settlements in the last five years.

[presence]

To all that said in my last post I add,

1st and foremost, feed you and yours.

This an engineered QE infinity recession.

Don't you ever feel sorry for a bank,

and take a look at crypto currency.

[thoughtomator]

if it's not a huge amount they'll simply try to harass you into paying it

if it's enough money they'll sell it to a lawyer who will sue you for it

however, obtaining a judgment and actually being able to collect it are two distinct things

you can wait it out 10 years or declare bankruptcy as a means of discharging it - eventually it will be written off and that will be that

if you intend not to pay, don't communicate with any collection agencies, that will reset the clock on the account

[angelatc]

I know it trashes your credit score, but I'm in a house and don't care much about credit score.

It would be tough if I had to finance a car, but anything else?

Can they sue or garnish wages?

Yes, they can sue and get a judgement. Then they can get an order to garnish wages. They can also seize bank accounts and put liens on property. As long as the judgements are renewed, they stay outstanding - potentially forever.

[angelatc]

if you intend not to pay, don't communicate with any collection agencies, that will reset the clock on the account

That's not true.

[angelatc]

I recently spoke to a bankruptcy attorney about this. I was shocked to hear her say that letting them charge off is a viable plan. Bankruptcy costs money, impossible if you don't have liquidity. She poo-pooed the fear of being sued for the balances..

Mayne it's something specific to Michigan, but getting sued for the outstanding balances is the norm here.

[oyarde]

I would smoke a big joint, have a glass of 100 proof bourbon , then figure out how to pay it off.Be done w/ it forever, or just do what I did and use Dankes instead hopefully he will not notice the buffet @ the casino or will just think it was him , lol