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    Tomus's Avatar
    Tomus Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 12, 2009, 07:24 PM
    Cannot pay My credit card bills
    I am in severe financial difficulties I cannot pay my credit card bills, and the credit card company have sold on the debt to another company I als cannot pay them what will they do to me if I cannot pay them too will they send me to jail or what please help me
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Feb 12, 2009, 07:41 PM

    Debtors prison ceased to exist in the 18th century. Have you considered bankruptcy?
    DoulaLC's Avatar
    DoulaLC Posts: 10,488, Reputation: 1952
    Uber Member
    		  
    #3

    Feb 13, 2009, 09:35 AM

    Contact them and explain your situation. See if they will work with you. Sometimes you may be able to reach an agreement of a lower balance and/or lower monthly payments. They would rather have something than nothing. You will likely find some will be happy to work with you, other won't.

    As ScottGem said, bankruptcy can sometimes be the best option in certain circumstances. Check into the pros and cons... speak to the creditors directly, and decide what will be best for your situation.
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