Hey all,

I've been contemplating defaulting on my credit card loans as I simply do not have the means to pay them. Another thing I that I am no longer living in the US, and do not know when I would be visiting next. However the credit cards that I had back when I was in the US and in school are still active and my debt has mounted to something shy of $40K us. What would happen if I simply stopped paying. I am outside the US and don't plan to be visiting any time soon. When I was in the US, I was a student and am not a US citizen.

Please help.

I know you're asking a legalistic question. But your question is... well... disturbing.

Character is based on actions. If you borrow money from someone KNOWING you have no intention of paying it back, or knowing you will look for tricks to keep from repaying... that's larceny, it's stealing. People who steal are thieves.

Is that what you came to America to become? A thief? I certainly hope not.

If you are in financial difficulty, you can seek credit counseling help. If you need time to pay your debts, you can structure a repayment plan. If you are so in debt that you can't cope, you can file for bankruptcy.

The answer to credit card debts starts with STOP using credit cards. You say the cards are still "active" which to me means you still spend money you don't have. You STILL borrow money. Stop. Call the companies and CLOSE the accounts.

Then get serious. The most lucrative asset you have is your time. Few people who claim to be "doing everything they can" are actually doing that.

When my credit card/loans passed the $45k mark, I said "enough". I closed every account and got two part-time jobs clerking and delivering pizzas (my full-time job is in management) to make money to pay it off.

I sold everything that wasn't nailed down. I returned items I'd bought that I didn't need for return credit. Garage sales... and negotiated a lower payoff with one card in lieu of payments. I owed them $5600 and they accepted a one-time payment of $2000.

But I didn't "walk away" or rip anyone off. I dealt with my creditors, slowly, but surely. And I NEVER use credit anymore, for anything except the mortgage on my home, and that's secured BY my home, so is OK. Car loans aren't the same thing, cars are a depreciating asset. Pay cash for cars, too.

So, speech is already too long. You used the cards, you accepted the benefits, now you resolve them. You are what you do, so be a person who faces the consequences of your actions.

Even bankruptcy is better than stealing, it at least let's others into your financial records to assist in the decision-making process.

Meanwhile, my belief is that if you stop using credit altogether and get SERIOUS (like described above), you can repay every dime in 2 years.

The main benefit is that doing it is that when it's over you WILL have LEARNED. You will understand fully the power of your own earning ability and you will know how to budget, plan and save. And you will be able to avoid the credit demon forever.

Quote:

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Originally Posted by JBeaucaire

I know you're asking a legalistic question. But your question is...well....disturbing.

Character is based on actions. If you borrow money from someone KNOWING you have no intention of paying it back, or knowing you will look for tricks to keep from repaying...that's larceny, it's stealing. People who steal are thieves.

Is that what you came to America to become? A thief? I certainly hope not.

If you are in financial difficulty, you can seek credit counseling help. If you need time to pay your debts, you can structure a repayment plan. If you are so in debt that you can’t cope, you can file for bankruptcy.

The answer to credit card debts starts with STOP using credit cards. You say the cards are still "active" which to me means you still spend money you don't have. You STILL borrow money. Stop. Call the companies and CLOSE the accounts.

Then get serious. The most lucrative asset you have is your time. Few people who claim to be "doing everything they can" are actually doing that.

When my credit card/loans passed the $45k mark, I said "enough". I closed every account and got two part-time jobs clerking and delivering pizzas (my full-time job is in management) to make money to pay it off.

I sold everything that wasn't nailed down. I returned items I'd bought that I didn't need for return credit. Garage sales...and negotiated a lower payoff with one card in lieu of payments. I owed them $5600 and they accepted a one-time payment of $2000.

But I didn't "walk away" or rip anyone off. I dealt with my creditors, slowly, but surely. And I NEVER use credit anymore, for anything except the mortgage on my home, and that's secured BY my home, so is OK. Car loans aren't the same thing, cars are a depreciating asset. Pay cash for cars, too.

So, speech is already too long. You used the cards, you accepted the benefits, now you resolve them. You are what you do, so be a person who faces the consequences of your actions.

Even bankruptcy is better than stealing, it at least let's others into your financial records to assist in the decision-making process.

Meanwhile, my belief is that if you stop using credit altogether and get SERIOUS (like described above), you can repay every dime in 2 years.

The main benefit is that doing it is that when it's over you WILL have LEARNED. You will understand fully the power of your own earning ability and you will know how to budget, plan and save. And you will be able to avoid the credit demon forever.

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Hey thanks for your response. I was just thinking out loud. It's just that these thoughts cross your mind. It's easier to think about walking away than to do the right thing. If I actually was set on walking away I wouldn't be posting here. I have no intention of stealing anything from anyone, though I wanted to be aware of all my options if in case I do not have any option other than to default. I have stopped using credit cards altogether. Have really learnt the hard way the dark side of em'. Anyhow thanks for you input!!

If you don't pay, they will bil and bill and bill you, at some point they will sue you and get a judgement, and can normally renew the judgement.

So there will be a court order for the money for @ 20 to 30 years depending on where the debt is at
( what state)

So if you ever have money in a US bank, or perhaps even a bank that has a branch in the US, they may be able to garnish the money.

Hello t:

The problem you're going to have is that most banks are international and/or have international partners... Therefore, any judgment awarded in the US can probably be levied on your bank account through your banks US partner.

excon