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What If I Want To Quit Paying My Credit Card Bills?
Author : Jim Brown
With over 576.4 million credit cards circulating around the US according to the February 2010 report from Nilson, one thing is obvious: we are reliant on credit. Unfortunately, that reliance has gotten many of us into trouble. The average American is now walking around with $8,000 in credit card debt.
At some point, your debt can become very overwhelming. Not making a payment to any one of your creditors could result in serious consequences. If you stop making your mortgage payment, the bank can move to foreclose. If you stop making your car payments, the lender can probably repossess your vehicle. If you don't pay your utilities, your service can be shut off. But, what can really happen if you stop paying your credit card bill? Will it really mean big trouble for you?
Absolutely.
First, your creditors will obtain a judgment against you. Your creditors will then use that judgment to get a wage garnishment, put a lien on your home or car, and go after your bank accounts. To make matters worse, they will do all this and continue to harass you and your family by phone.
Ironically, the actions taken by your creditors will really only seek you farther into debt. The downward spiral into debt can be fast and, with it, you take your credit score. Without a way to turn your debt (and your credit) around, it is likely that you will continue to sink. But is there a way out?
A bankruptcy lawyer will be able to help you pull yourself out of debt, prevent your credit from continuing to suffer, and help you put your life back together. Chapter 7 helps you to eliminate your unsecured debts (credit cards, medical bills, payday loans, etc) and turn your life around in as little as 90 days. Doesn't that sound like a much better plan?
Simply not paying your debt is not a solution. It is only a temporary band-aid for a situation that won't be going away on its own. If you want to have the life you've dreamed of having, you must take action. Doing nothing changes nothing. Without debt weighing down your credit and creditors knocking down your door, you can finally be free. But when will you decide to free yourself?
You can begin to get out of debt by first finding free information from reputable bankruptcy attorneys. Don't forget, most lawyers will give you a free consult but how many will give you free information before you set foot in an office? Do your research and choose wisely.
Author's Resource Box
Jim Brown is the founder and owner of Castle Law Office of St. Louis, P.C. He has been filing bankruptcy cases in Missouri since 1994 and has released several publications based on his experience. You can find these publications and more information by visiting his website at http://www.CastleLaw.net .
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Tags: chapter 7, solution to credit card debt, stop making credit card payments, bankruptcy attorney, doing nothing changes nothing
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Submitted : 2010-07-28 Word Count : 1 Popularity: 248