hi segruba..

can you cite some other ways to get rid of debts aside from the bankruptcy option you have mentioned?

taking considerations that the person is having financial crisis or instability..

thanks

Credit card debt does not go away on its own just like that. Simply ignoring it would actually lead you to more trouble--you will have to pay interest charges and late fees on top of the loan balance that you have. Another risk in not paying your debt is having bad marks on your credit report. Of course, if the debt becomes delinquent, you may also be contacted by debt collectors, and eventually, be taken to court by creditors. Fortunately you have options in taking care of these credit card debts of yours. You may either opt for debt consolidation or bankruptcy, to make your credit card debt go away. Although I'm personally not too inclined with the bankruptcy option, given that you still have other options available to make your debt go away.

hi monty..

just a question to ask. do all credit cards have credit limits?

i have seen some credit cards that allows to go over the limit especially those card holders that are well trusted by the card card issuer..

those card users that have been good payers and do have excellent credit history..

hi footloose..

what your are saying is totally true..

just a tip for not getting a big debt.. you must be concern of you payables especially on what type of credit card you are using.

if your using credit cards that has high interest rate then you would be bitten up with the interest charges of not paying on time your bills.

be conscious of how much credits you have used so that by the time the bills are needed to be paid. you have enough finances to settle it out.

hope this tip would help in someway.

hey footloose

how can debts "follow you to the grave" .?? especially with a statutes of limitations. I agree that a judgement has a longer lifespan

Hello jinzapa

I hate to be the bearer of bad news so please don't shoot the messenger but any unpaid debt can follow you to the grave, depending on the amount of the debt and how aggresive the creditor is. For debts totalling 53k, I would think that any creditor(s) woild be aggresive enough to pursue you for as long as it takes, even if it means taking you to Small Claims Court (maximum $25,000) or to Superior Court (no maximum,) in order to get a JUDGMENT! The judgement is good for 10 years but can be renewed by the creditor for another 10 years as long as it is done before the 10 year period expires. Once a creditor obtains a judgment, they can garnish your wages, seize and freeze your bank account or place a lien on any other property that you own such as your home, your car or any other asset you own that is any worthwhile value. The fact that you are unemployed won't stop them from coming after you. They will wait until you are employed again before applying the garnishee to your wages. Don't be like the proverbial Ostrich and hide your head in the sand, hoping these debts will just go away. THAT'S NOT GOING TO HAPPEN.

As "failingsanity" said in an earlier blog, contact all of your creditors NOW and let know what your situation is. Don't BS them or jerk them around. Be upfront with them and try to work out a reasonable repayment plan based on your current situation. If the creditors and/or the collection agencies start playing "hardball" with you, I want you to contact Mark Anthony Silverthorn, the best collection agencies lawyer (working for you,the debtor) in Canada located in Kitchener, Ontario. He has just written a book entitled THE WOLF AT THE DOOR -- What to do when Collection Agencies come calling. I have read his book from cover to cover and it is the best book that I have seen or read on how to deal with collection agencies and creditors. You an reach him on his website -- MARK ANTHONY SILVERTHORN.

Good Luck and have a GREAT DAY

Uhm Failingsanity, the chances of being sued by a creditor are pretty slim if you are unable to pay.

They rarely sue and if they do sue they go after people that have the resources to satisfy a judgment. IE homeowners with equity.

But you are right, it won't go away.

Jinzapa, a little more info please. Who are the creditors, do you own your home and how far are you behind in your payments?

It doesnt go away No. You should contact them NOW and let them know about your situation, if you make minimum payments you should be fine, start applying for unemployment IMMEDIATELY. 53k ISNT something they are going too ignore, more then likely you will be sued for this amount if you let it go unpaid it was a lesser then 1000 they might write it off but it would still reflect badly on your credit for upto 7 years

Hullo. I need help on my debt situation. I total $53k on all my credit card debts and I have just lost my job so I don;t know if I can still be able to pay them, at least anytime soon. i want to know, does credit card debt go away? and how long would it take? i really can't make any payments on it right at the moment and it might take long before i can get a job again. Peace