Debt collection

[akitamommy]

We have a credit card that I haven't paid on in a while. My husband lost his job and we just could no longer afford any payment. As soon as we find a steady job, we plan on settling this in full.

Just wondering though, will they sue me? I own a mobile home and one of our vehicles is paid off. The credit card is a little over $3000 balance.

Please don't flame me, I know my credit is ruined. We just honestly cannot afford it right now.

[by-the-lake]

On the bottom of the credit card statement should be a number for 'credit counseling'. It is a separate company that can help you renegotiate with the credit card company for a lower interest rate and lower payments. yeah,it shows up on your credit, but so does non-payment. They can sue you, but they may not because the balance is pretty low.

[fierrbugg]

Agreed, they can sue - but they'll probably just turn you over to collections depending on how long it has been since you've made a payment.  3k isn't that much in the grand scheme of things as far as the credit card company is concerned.  I would imagine they will just blow your phone up with auto calls all day.  If they turn you over to collections, you can always try to settle for a smaller more manageable amount - the worst they can say is no, and then you just pay the full amount whenever you're able to do so.  Have you tried discussing the issue with them?  Sometimes they are helpful, often they are not. Get any agreement in writing and don't give them access/permission to pull money from your accounts.  Dave Ramsey actually has alot of info about how to deal w/ credit card companies if you want to read up on it. 

A good credit rating is hardly important when you are struggling to pay for the basic necessities of life.  Best of luck to you and your dh - hope he's able to find the right position soon. 

[sonrisaa29]

It will get turned over to collections and then if you ignore that you will end up with a charge off.

[surrogate]

visit the credit forum at creditboards (google it) they will be great in helping you figure this out.  #1 though, never pay a collection agency, only pay the original creditor.