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trinket20

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unable to pay credit cards, can the company garnish my wages and/or take my home?
single and having trouble paying credit cards. Have two accounts that are currently delinquent and have been closed by the creditor. I have built up equity in my home, can a credit card company sue me and make me lose my home? Should I file bankrupt or just ride it out to see what the credit card company does?

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NO TO BANKRUPTCY!!!

Bankruptcy messes up your credit for ten years!!!  Credit cards are what is known as "unsecured" debts in the sense that the majority of credit card purchases are things that could not possibly be sold to recoup the debt.  If you don't pay them, they can leave a negative "unpaid debts" on your credit report but they (credit card companies) cannot take your house.

Now, if you were late on your house payment, (house is a "secured" debt) you could be up for foreclosure in very short order.  The credit card accounts are closed so you can't continue racking up larger debt.  Consider working to pay them off the best you can without sacrificing your house.  Consult the Dave Ramsey site for some clues. 

Also, if you haven't read the articles here already, please start your credit education NOW by doing so because teaching people about credit, how it works, and how to build a good score is the purpose of Credit Karma.

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