Just stop paying (credit cards, debt, payments, financial)

[loose cannon]

Im seriously considering calling my cc companies and telling them that Im no longer paying my 5,000 debt as I can no longer afford it and I was drunk anyway when I accumulated the debt. Im literally going to stop making payments. What can they do to me legally? Im just tire of living paycheck to paycheck.. There was a time I could save money and fly the friendly skies! Now, Im stuck. Im just not doing iot anymore. If they want money they will have to come to my house and personally take it from me. Im even going to change my account so they cannot garnish my wages! The heck with them! Any advice or encouragement?

[cdelena]

Do you have no ethics or conscience? You agreed to terms, spent their money, and have a legal and moral obligation. Pay what you agreed to and then stop borrowing.

[johnrex62]

Originally Posted by loose cannon

Im seriously considering calling my cc companies and telling them that Im no longer paying my 5,000 debt as I can no longer afford it and I was drunk anyway when I accumulated the debt. Im literally going to stop making payments. ........ Any advice or encouragement?

Only stop drinking and if you do stop making payments, be sure you have a car and house that you will not have to replace in the next 10 years. Oh, and be sure you don't have to switch jobs, or get any kind of insurance. Your lousy credit will kill your chances on any of those things too.

[yayoi]

I can understand your frustration, I really can, but you really should pay your creditors. I am currently digging myself out of debt. I started off with over $10,000 in credit card bills and am now down to $1,500. There were many times when I considered bankruptcy but in the end I decided to hold up my end of the bargain and pay. You just have to make sacrifices and budget, budget, budget! I don't have a car and I live in a crappy apartment but at least my credit is good!

[litlux]

You are unlikely to find much encouragement in a business and finance forum, you know.

It does sound like you may have a tough situation to recover from, and I would encourage you to go about solving it in a productive way. Research on line will yield a number of approaches, from credit counseling to bankruptcy.

The number of predatory practices by Credit Card companies has become alarming, and while you have accumulated debt that you have an obligation to repay, many folks get addicted to credit cards as a sort of financial cocaine or "crack." Interest rates easily hit 24-28% these days, and the late fees and overliimit charges can easily add $75 a month on each card! to a debtor who is behind in payments.

You can be sure of one thing - you are not alone, and thousands have written of their experiences online. Just start searching, maybe by entering in the names of your credit card issuers to see how they treat delinquent accounts, and how far they will go to negotiate lower rates, etc.

Good luck, you'll need it, too. You are dealing with the sharks of finance.

[Threestep]

Do you think a tirade like a spoilt child will change anything about you living from paycheck to paycheck?

Do a written inventory of detailed assets and liabilities. Take it to your creditors and try to work with them.

You took the money, spent the money and now owe it. So get with it and work on that.

My best paid-in-full debtors were hard core, cussing me out folks who wanted to buy a house. Did they sometimes get creative. You can do it too.

[Greatday]

Originally Posted by loose cannon

Im seriously considering calling my cc companies and telling them that Im no longer paying my 5,000 debt as I can no longer afford it and I was drunk anyway when I accumulated the debt. Im literally going to stop making payments. What can they do to me legally? Im just tire of living paycheck to paycheck.. There was a time I could save money and fly the friendly skies! Now, Im stuck. Im just not doing iot anymore. If they want money they will have to come to my house and personally take it from me. Im even going to change my account so they cannot garnish my wages! The heck with them! Any advice or encouragement?

They can sue you. Attach your paycheck. Attach any other real or personal assets you may have. They can garnish your wages - attach your bank accounts - attach your car -

I suggest you try to talk to your creditors and do a work out -

[SpeedyAZ]

They will probably file a lawsuit and you'll have any possesions of value repo'd (like a car), your wages will be garnished, and your credit will be ruined for many, many years. Do you have no conscience about what you did? You spent someone elses money and now you have the responsibility to pay it back. Act like an ADULT and don't run from your problems.

[NewToCA]

Don't plan on making any major purchases for the next decade or so, your credit probably won't allow it. Also plan on using one of those cards where you have to put money behind the card before you can use it. Also, your wages will probably be decremented by the courts when they get a positive decision against you.

Other than that, it should go OK.

[GreenMachine]

Originally Posted by loose cannon

Im seriously considering calling my cc companies and telling them that Im no longer paying my 5,000 debt as I can no longer afford it and I was drunk anyway when I accumulated the debt. Im literally going to stop making payments. What can they do to me legally? Im just tire of living paycheck to paycheck.. There was a time I could save money and fly the friendly skies! Now, Im stuck. Im just not doing iot anymore. If they want money they will have to come to my house and personally take it from me. Im even going to change my account so they cannot garnish my wages! The heck with them! Any advice or encouragement?

Is this a troll post?

Same person who posted that thread about the Yahoo article encouraging people to ask for retail discounts as being irresponsible?

Are you drinking when you post these threads? I don't get it.