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Follow on Google News | Credit Debt Relief Tips – Legal Tips If You Cannot Afford To Pay Credit Card DebtYou've always thought that you can pay your credit card bills/charges when you first signed up for one.
By: deletedebttoday.com The worst part? You lost your job! How would you be able to pay your monthly credit card bills now-what with your other expenses and monthly obligations? Would you go to jail for not being able to pay your credit card bills anymore? What's the worst case scenario? What can be done? TALK TO YOUR CREDITOR Five to six months after you have stopped payment, the creditor is obliged to write off your debt to the Internal Revenue Services, and what they usually do is pass your account on to a third party collection agency, to try to get back at least a portion of what you owe. That's when you get numerous collection calls, hurrying you up to take action, or else. And because it's their job to collect, they resort to all sorts of tactics, even underhanded ones, to get the highest possible commitment from you. So beware and be aware of your rights as a consumer, according to the Federal Trade Commission. Anyway, the creditor, can also take legal action against you or sue you, before your account reaches five to six months. Don't panic though, because they will let you know, and when this happens, don't dodge their calls, or run away. It would just make matters worst. Talk to them and let them know about your situation and your sincere desire to pay what you owe back. HOW TO TALK TO THE CREDITOR If you have lost your job, the creditor would be interested to know when you are getting a new one. Realistically, you don't know, but give it up to six months. In the meantime, you can tell them how much you can give, with the money that you have right now-after subtracting what you'd pay your secured lenders. **Secured debts should be given priority lest you lose the property (collateral) If you can't do it, you can hire the services of a debt negotiation company, and let them represent you. What's the worst case scenario if you really can't pay your credit card debt? As mentioned earlier, they can sue you for judgment, but you'll not go to jail for it. Not being able to pay your bills does not constitute a criminal act. What's a judgment? It can be either a wage garnishment, bank levy, or property lien. And those are subject to state laws. Meaning, there are states that has placed a cap or limitation on just how much can be garnished from your wages or bank account. Free Debt Advice (http://www.deletedebttoday.com) # # # If you are struggling with paying back your credit card debt or any other unsecured debts there is legitimate help out there. Debt settlement usually makes financial sense for consumers with over $10k in unsecured debt. There are also other options available. To talk with a debt relief counselor for free help check out the following link: Free Debt Advice (http://www.deletedebttoday.com) Or Call - 877-853-6466 End
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