What can happen if I stop paying credit card bills that add about $16000?
95219
File for bankruptcy instead. You'll end up paying a much smaller percentage of what you owe and then creditors constant calls will be on hold. While your looking for a job try to get a temp job. You'll have money in your pocket, new references, and an inside chance at jobs that open up at the place you are temporairly working. Good luck.
848472
First, they will continue to pull the money out of your checking account which will result in bounced check fees and, potentially, being reported to Chexsystems and having your account closed.\n\nIf they can't get the money out of your checking account, they will jack up your rates, charge you late payment fees and basically add on hundreds of dollars in charges.\n\nThey will report to the credit agencies as collections and probably sue you.  Yes, they will continue to charge you interest.\n\nYou really need to try to get a loan to pay these off and NEVER do this again.  These places charge 300-500% in interest and are one of the worst things you can do financially.\n\nCheck out prosper.com if your credit is still decent.\n\nYou need to get a 2nd job to pay these off and make sure you cut out all extra expenses (booze, cigarettes, eating out, internet, phone, cable, gym, etc.).\n\nGet this taken care of before it ruins the next several years of your life.\n\nGood luck!
16935
The debit card takes money out of your account.  You can only spend as much as you have in your account.\n\nThe credit card keeps a running balance of money that you still owe.  The amount that you spend is based on the credit limit.  Therefore you could spend much more than you have in your account.  Credit card companies hope that you do this so that you cannot pay off your debt.  You will then have to pay interest on the debt.  The danger is that the interest becomes larger than your pay check.  You will then never be able to pay down your debt. The worst case is that you will have to accumulate more debt just to pay the interest.
310560
That's something you have to ask your credit card company.  When you make payment, try to pay at least $5 more than the minimum due.  It will help you a bit.
336836
first they can not contact you this often unless you encourage them by promising payments that you do not make.  the best way to get them to stop is to contact a supervisor and calmly discuss what can be done. Or you can actually send them a payment or if you ignore them for 7 years you do not have to pay it. The most responsible thing to do is to contact one of the credit companies that will help with this, you can even ask sears to provide a contact they will handle it from there.  next time, stop buying when you can not pay, the rest of us do not want ot pay your bills.
1161006
Don't panic!  First, they're not going to come after the store.  Credit card companies can't really come and take things...that's why they call it unsecured credit.  Furthermore, they would have to go to court to get any kind of judgment against you, and even if they did, all they could do would be to go after your bank accounts (in your own name) or paycheck, but even that is extremely unlikely.  So, really, this isn't worth worrying about right now.\n\nSecondly, let's undo some misconceptions.  The minimum payment (not finance charge) that doubled is not because of any 'bad credit' statement.  It is standard.  Suddenly, lots of us are seeing the minimum payments increased, and it is something that results from a change in the law, not any decision that the credit card companies are taking.  The requirements have been made because many people have payments so low that they may never get out of debt.  The problem with such a law is that it has had the effect of suddenly whipsawing people into deep trouble that shouldn't have gotten there.  But we can't change that here.  Let's talk about how to deal with the new reality.\n\nYou can simply stop paying, but that may not be your best option.  It will affect your credit for real, and limit your options in the future.  You may also consider refinancing somehow, but this may only get you in deeper.  I think the best thing I could recommend is to get in touch with a credit counseling agency such as CCCS.  They may be able to get your monthly payments reduced back down to the level you were paying before.  It won't happen without some problems (such as cutting up your credit cards), but it should help you get out of debt entirely within about 5 years.\n\nBest of luck to you.
130302
They can sue you and receive the court fees along with penalty's that might be in the contract. Also, this goes on your credit report as a judgement. When you have active judgements on your credit, you would be turned down for about 99.999% of credit requests.
279991
I'm not sure, but you should check the fine print on the credit card application/disclosure. It will state what the minimum payment is. Normally around 3-5% of your balance.
740180
$4000 isnt that much....Care One Credit Counseling. and cut up your cards!
94808
Gosh I'm probably so wrong about this, but the company I work for...is not a credit card company....when we have customers that don't pay we shut off their service. If they still do not pay we send to collections. After a certain amount of time we have to write off the accounts due to tax reasons. You are still responsible for the payments, they will still show on your credit report, but I've never heard of going to jail. I do not in any way suggest not paying your bills, I advise that you slowly pay them off if only $10 a month, its better then bad credit!
653128
If they dont report the information to the credit bureaus it does not affect your credit.  Going 7 dollars over does not effect your credit if paid within the 30 day period
459045
cancel credit card payment
500015
NOT TRUE!!!\n\nI just got done with a Credit management company.  Smart Credit Management Group.  They don't give you a loan to pay off your credit cards, instead you give all of the CC information and they call your creditors on your behalf.  Negotiate lower APR's and monthly payments.  Once your cc company has accepted this offer you send one  monthly payment to your credit management company and they send payments to all of your creditors.\n\nStudly is correct.  \n\nYou will have to pay a small monthly fee for their services.  We paid $48.00 per month.  Which I think is a small price to pay to get your sanity back.  Going from over $1000.00 per month in debt to just a hair over $700.00 was a welcomed relief.  \n\nAlso, if your currently behind in your payments on a regular basis, this wont be any different then that.  The only thing that it did to my credit report is on each of my creditors it showed that I was working with a debt management company.  In which you have to look at your situation and kind of pick your poison as they say.
748144
No. If the payment is stopped, you can't demand payment any more. You'll have to find another way to enforce your claim.
801164
Yes, someone running your credit report will see that you had gone for a period of time not paying your bills properly.  But the longer you don't pay, the worse the situation gets.  There is a rule call "The 5 C's of Credit", character (integrity), capacity (sufficient cash flow to service the obligation), capital (net worth), collateral (assets to secure the debt), and conditions (of the borrower and the overall economy).  By paying your bills again, you are re-establishing "Character", owing up to your debt.  As long as your credit cards are not maxed out, you could look at trying to consolidate some of the bills by transferring some of your smaller balances to other cards.  Some of the cards may offer a short term interest rate on the transfer, and if not, as long as the interest rates aren't that much different, it may be a short term option to consolidate some of your debt.  \n\nBut let's say you can't consolidate because your cards are maxed or they won't let you because you hadn't been paying your bills.  Write down all your debts from smallest to largest and next to that, list the minimum payments.  Look at all the money you can pay to your debt, subtract your minimum payments beginning with your largest debt until you get to the smallest.  The entire balance of what is left over, throw it to your smallest debt.  Once you pay that off, you will have one less bill to pay.  PLUS, all the additional money you had to pay off the smaller bill will increase since you can add the minimum payment, from the now paid bill, to that overage amount.  Then continue to throw all the extra bill money to the smallest bill until they are all paid off.  Paying the minimum on all and throwing the extra to the largest will just keep your finances spread out forever since most of your extra money to the largest bill is just getting eaten up by card interest.  Paying off even the smallest bills will help your credit since you now have less debt and fewer bills over your head.\n\nIf, by chance, you subtract your monthly allowance to pay bills and you are coming up short to meet all the minimums...you may have to call the credit companies and work out a plan with them to minimize your payments for a short period of time.  This may result in you having to freeze or cancel a card or two to get this agreement done.  But, in your situation, cancelling a card or two may not be a bad thing in the long run.
268916
Not if you close the old account.  If you keep it open, it will add to your "available" credit and lower your score.
251987
What exactly does that mean?  If we don't pay will we be reported to that collection agency and credit bureau?