Thread: Should I just quit paying??

I have a question and it would have sounded rediculous to me just a month ago. I just finished a new book where the author suggests just walking away from credit card debt may be the best solution for many people with too much debt. The book was very convincing, but I'm somewhat nervous. Has anybody else tried it, and if so, what was your experience?

the book I'm talking about is by mic insky - if that helps.

Well... that's not the best idea in my opinion. Another proven way to pay down debt is to focus on one card at a time. Pick the one with the smallest balance and pay it off as soon as possible, while paying minimums on the rest.

Then, when that is paid off, you have some extra payment to pay down the next smallest. Keep going until you've got them all paid off. It works. My ex was in serious trouble and on a teacher's salary, but she did it just fine. Even managed to get herself a breast augmentation after she had paid down her cards.

Good luck.

Hello,

If you have a problem with your credit or paying your debt,contact me.

Sean

qspyn:
If you really can't make your payments AND you have some other, really good plans with your life, it may be your best option. I quit paying my credit card bills a couple years ago and I'm now studying in a top business school working on my masters degree.

The only major negative I have had is that I'm pestered by collection calls on my answering machine. All-in-all, it was a good choice for me.
Good Luck!

qspyn:
If you really can't make your payments AND you have some other, really good plans with your life, it may be your best option. I quit paying my credit card bills a couple years ago and I'm now studying in a top business school working on my masters degree.

The only major negative I have had is that I'm pestered by collection calls on my answering machine. All-in-all, it was a good choice for me.
Good Luck!

I had thought about that for a long time too, believe me. I can't speculate on your situation, but I was in some major debt. Slowly but surely, I've crawled out of it using good budgeting, calling my creditors to work out plans, and prioritizing what gets paid first by what may influence my credit score the most.


I guess what I'm telling you is that unless you're REALLY far gone (like I said, I don't know) where there is a will, there may just be a way. Good luck to you.

The good side of not paying is that you will have an inceased income, hopefully you will use this in your best needs! Plus when you stop paying after 3 months credit card companies become intersted in settling thier debt meaning you can get a discount on the total loan, I have seen people get between 20% and 60% off their original amount owed. The bad side is your credit will drop in the short run, basically you will not be able to finance a loaf of bread, but in the long run if you pay off these debts, then your credit score will go back up. Look at the short term to the long term, and just make the best decsion, good luck. Any other information I can help you with let me know!

Your gut (conscience) tell you this is wrong, better listen! There are debt solution companies that can and will negotiate a settlement for less and legally reduce that debt. That's the best way to go.
Dewey

What do you mean by walking away? I felt the same as the debt I had, I was seriously struggling. I took out a consolidation which collated all my debt with a manageable repayment amount and eventually I will have cleared my debts but it took the stress away from me, which I found most beneficial. There are options you just need to talk to someone that can help.