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  1. #1
    Join Date
    Mar 2013
    Posts
    2

    Default In Too Much Debt on a Credit Card

    State of New York...I have 4 active credit cards, all from separate banks. All are in good standing but one has become unmanageable as far as my ability to pay the minimums (Total debt $15,600...minimum payments $400 mo). The other three combined total min. payments of $120.

    My question is this....I can't pay all four so what would generally happen if I defaulted on the larger debt of the one card and continued payments on the remaining three, and how would it effect my standing with the other cards ? First time poster so apologies if this is in the wrong forum. Any feedback or links appreciated.

  2. #2
    Join Date
    Dec 2008
    Location
    Calif
    Posts
    289

    Default Re: In Too Much Debt on a Credit Card

    The other cards can lower their limits. They can increase your interest rates for future purchases, but not current purchases. They could cancel your cards, but doubt they would. They want to continue to be paid.

  3. #3
    Join Date
    Apr 2006
    Location
    NW of KSTL
    Posts
    2,554

    Default Re: In Too Much Debt on a Credit Card

    If you default on $15K I would say it's a fair bet to make that they would come after you, as in formal collection proceedings, simply due to the fact that "they want to continue being paid".

    You may wanna do something sensible like discontinue using the cards you have and subscribe to a credit counselling service. $15K on one card and whatever balances on three others may be indicative of a bit of overextension, from which you may need some assistance getting out from under.

  4. #4
    Join Date
    Mar 2013
    Posts
    2

    Default Re: In Too Much Debt on a Credit Card

    Thank you for you replies gentlemen. Pretty much what common sense would dictate I guess.

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