6 Answers

Tommyh

Karma: 609115

1. Your credit rating ceases to exist.

2. You will no longer be able to use the cards.

3. You are dragged into court & forced to pay.(As Colleen pointed out.)

Contact the organisations you are in debt to & give a valid explanation of why you can't pay.They will expect you to make some committment to paying the debt no matter how small.

11 years ago. Rating: 11
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jhharlan

Karma: 1457205

Go ahead and stop paying, disconnect you phone while you're at it and forward all your mail. Have a friend answer the door the day you are served...........

11 years ago. Rating: 8
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robertgrist

California Girl, That works here in California sometimes. It will not work with student loans.

commented 11 years ago

Colleen

Karma: 2042400

Each company can drag you into court and sue you for the amount owed plus court costs.

11 years ago. Rating: 7
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pythonlover

Karma: 797301

The company will haunt and harass you, debt collectors can seize your property, you will be black listed. If you can't afford your credit card payments, contact a consumer credit counselling agency who can help you explore your options. Avoid the damage to your credit rating if you can, but make sure you realize the consequences of walking away from your credit card balance.