Should we make payments?

I lost my job back in 2009. I have not secured a job yet. My wife is looking for a job. We have defaulted on a credit card. Should we pay them or stop making payments? What are my options?

3 Answers

It is better to make payments on the credit cards. I hope your wife gets a job soon. Once she gets a job, she can try to settle debts with the creditors. At the present moment, you can consult a credit counselor and get useful debt advice. 


What state are you in and when was the last payment on your cards?

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

You should make payments on your credit card debt. Otherwise, your creditor may file a lawsuit against you. Once the court issues a judgment against you, the creditor can place a lien on your property. So it is better to repay your debt asap. You can contact with your creditor and explain them about your financial condition. You may try to arrange a better repayment plan with them.


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