Re: What happens if I just stop paying my credit card bills?

Posted by Why Chat (209.240.198.61) on February 08, 2003 at 19:30:24:

In Reply to: What happens if I just stop paying my credit card bills? posted by 2muchdebt on February 07, 2003 at 19:55:07:

There is one other possibility.

IF you are in a State that will protect your assets like your home from judgments, and has no wage garnishment, and the debts are in your own name, and you are not in a community property State, and you can put your car and bank accounts in joint ownership and you can afford the payments on 1 or 2 of the credit cards. THEN, pick a cc card you want to keep, a gas card and a store card,choose the credit card that has just been renewed,or has the latest expiration date, no matter what the interest rate.

Stop paying on all the others. Get an answering machine, caller id and wait it out. When they turn over to CA's send cease & desists. When you are sued, accept the default judgment.
A default judgment is harder for them to enforce.

In a few years, after paying well on the cc you kept, your interest rate will diminish. In 7 years, your record will be clear, and you will have had the good credit build up from the accounts you kept.

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