what happens if I can’t make payments on my credit cards?

December 3rd, 2009 | by admin |

I owe totally less than 10,000$ without interests. It’s been almost 2 years and I do not know what to do! I have student loan as well. Would that effect my student loans? Shall I try bankruptcy? I have very low income. I do not know where to start.

  1. 4 Responses to “what happens if I can’t make payments on my credit cards?”

  2. By Filip S on Dec 6, 2009 | Reply

    your screwed dumbshit

  3. By Fred B on Dec 7, 2009 | Reply

    First thing is talk to your bank/s. Tell them what you can afford and they’ll work something out. They don’t want you to go bankrupt, they’ll never get their money if you do.

  4. By Judy on Dec 10, 2009 | Reply

    Move back in with your parents.
    /

  5. By Quiet One on Dec 10, 2009 | Reply

    Unless you make arrangements with the CC companies, at the least, your interest rate will go up – way up. Check the agreements that came with your cards for details. If you are late in making payments, you will be charged a late fee. If you go over your limit, even if it was the interest and fees that pushed you over, you will most likely be charged an over the limit fee.

    As for what to do, if you haven’t already, stop using the cards. Period. Anything short of being hospitalized or on the streets is not an emergency. And $10k is an awful lot for most people to have on cards.

    Student loans: It’s been a long time since I had one, but unless they have something in the agreement that says if you default on one type of credit they can change your terms, I would doubt your CC problems would affect them. Pull out the documents for your loans and read them.

    Bankruptcy: A complicated question. You need to talk to a lawyer who specializes in it. Some of them will do an initial consultation for little or no money. The one thing I can say is that you can’t discharge student loans in bankruptcy.

    There are hundreds of websites and blogs that cover personal finance, digging out of debt, bankruptcy and so on. Start reading them. They’ll all point to some basic things. Budget. Track your spending. Learn the difference between need and want, and dump most of the want. If necessary, take multiple jobs to increase the money you have to cover your expenses and debts. Get a roommate. Move back with your parents (pay them at least a token rent and a couple of bills, just to stay in practice). Sell anything that doesn’t keep you sheltered, fed and clothed for whatever you can get. A lot of what needs to be done will suck, big time. But you’ll have more options in life once you have your finances in control.

    Yahoo has a finance section and covers the basic topics pretty well. So does the Money section on MSN. Once you have some idea of what you’d like further details about, any search engine should point you to further resources. Good reading and good luck.

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