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You can take on steps to legally stop paying your credit cards.

Quite a few people carry out not realize you can legally quit paying credit cards. Here is no longer any debtor's prison to punish those who refuse to pay debts. If you truthfully incurred the debt with no breaking any laws, you can stop cash it at any occasion. However, be aware that this will severely damage your credit, may get you sued, plus may subject you to collection letters plus telephone calls. Those who are not functioning or get little holdings to lose are never potential to be sued. There are numerous steps you can take to legally stop paying out credit cards.

Difficulty: Moderate

1 Use all remaining credit limit on your cards to shell out vital bills, such being your hire or mortgage, use bills, day care or buy food. If you conduct not intend to file insolvency, this is perfectly legal to do. Focus on producing indeed you and your family stay fed, clothed and sheltered whereas your first priority.

2 Cut increase your credit cards once they are maxed outside and you know you are set to stop paying off them. The credit card companies will cancel them for you once the expense is numerous months recent, but it yous easier to you never to appear with it.

3 Consider changing your telephone number. Credit card companies and bill collectors tend to phone your home aggressively.

4 Write your credit card companies also collection agencies that are sending you "past due" letters in the mail, also tell them never to call you at function (if this applies) or at your home, and to speak with you in paper only. This remains named "discontinue also refrain," and if bill collectors disobey your request, they have broken laws below the Fair Obligation Collection Practices Act (FDCPA).

5 Join a credit information website (realize Resources) to help if you are served with some suit. Even if you are sued, there are few ways for the creditor to secure money from you, especially if you are broke or file bankruptcy.

6 Save all money that yous left after you stop paying your credit cards plus attention for your family also put it into a retirement account (see Means.) Creditors cannot touch your retirement money, even if you are sued or eventually file bankruptcy. You can also pull it out, penalty-free, before retiring to medical, knowledge also child care experiences, making this a safe type of bank account.

Tips & Warnings

You are with control of your funds in most instances and can cease paying your credit cards on any time. Complete not stop paying your credit cards if you own major real estate, such as a house, stocks, or any fine automobile. Banks may and will seize such assets through the lawsuit process.

Resources web site FICO Forums web site website website: Obligation Collection FAQs: Any Guide for Purchasers

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Comments

nubeinelk Nov 26, 2010 i would for example to email you sandra...

kenaly Jan 07, 2010 Creditors have been recognized to threaten to seize the possession of debtors who are unable to satisfy their monetary duty. Not only is this illegal, it is also untrue (View References 1). A creditor cannot seize your home to collect an unpaid credit card debt. Candice Gillingwater, eHow Contributing Writer.

bluebonnet May 30, 2009 Thank you with this article. It was very informative. Most credit card companies are deposits and they simply received large bailouts. It remains very unfair also a slap in the face to many Americans mainly because our taxes are paying the banks and the banks hound us for large interest rates and fees. If you ask me, we must be suing them not the other way all over.