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  1. #1
    Join Date
    Apr 2009
    Posts
    1

    Question Dealing With Too Much Credit Card Debt

    My question involves collection proceedings in the State of: Texas

    Hello.

    I currently have around $60,000 in credit card debt. I'm married and we rent a home. I'm currently just able to make the minimum payments on my credit cards each month and that is not getting me anywhere. I'm not sure what to do. My wife has excellent credit, but mine has gone down due to the large amount of debt that I have accumulated. Most of the debt is from cash advances. I had a serious gambling problem. Should I just let the cards charge off? What are the chances that one of the credit card companies will then sue me? Should I contact a legitimate credit counseling agency to attempt to consolidate my debt? None of my wife's information (SSN or name) are on any of my credit cards. Will my screw up affect her credit rating in any way? Any suggestions or comments are welcome!

    Thank you!

  2. #2
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Confused

    Charged off is only an accounting action by the creditor. It deals with their tax liabilities and does not effect you in any way.

    the creditors can sue you anytime you default on a payment. they do not have to wait until the debt is charged off.

    credit counseling agency; is there such thing? A creditor is not required to make any agreement with such if they do not wish to. If you should do it is something you need to study.

  3. #3
    Join Date
    Jul 2008
    Posts
    853

    Default Re: Dealing With Too Much Credit Card Debt

    And for 60 large? I can guarantee you with almost complete certainty that you will be sued.

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