Since credit cards are unsecured loans, there is no collateral that the credit card company can repossess if you go into default on your payments.
That being said, a credit card company can take you to court and sue you for the unpaid balance. When that happens, the judge can order income withholding or other measures to settle the debt.
I've never heard of any judge ordering a foreclosure because of unsecured debt, and while I suppose it's possible, I don't think it would ever happen. The amount owed would have to be so immense that it would make sense for the credit card company to go to that much effort.
I hope that helps, and best of luck to you!
--Connie, ConsolidatedCredit.org
Credit card debt does not expire. If collection for the debt becomes a liability, then the creditor can write off the debt as a total loss or warrant a reposession of property, but the debt itself will never expire on its own.
It goes on the credit reports as a delinquencyAnswer:If you don't pay your credit card debt then to your creditor may take you to civil court and can get a judgment to hold your property. There are other penalty as well if you dont pay your credit card debt.
The estate is primarily responsible. However, a spouse is normally considered to benefit from such debt and can be held responsible.
get a job(s!) and pay off the debt
The diffference between a debt card and a credit card is ,in a debt card it's money from your account .In a credit card is when you borrow money from the bank.
You have to, it is a debt...it is just a secured debt...by the lien on the property.
Credit card debt does not expire. If collection for the debt becomes a liability, then the creditor can write off the debt as a total loss or warrant a reposession of property, but the debt itself will never expire on its own.
It goes on the credit reports as a delinquencyAnswer:If you don't pay your credit card debt then to your creditor may take you to civil court and can get a judgment to hold your property. There are other penalty as well if you dont pay your credit card debt.
Yes, absolutely. Credit card debt is not different from other debts in general. If there is a mortgage on the property, the lenders lien of course has priority.
The estate is primarily responsible. However, a spouse is normally considered to benefit from such debt and can be held responsible.
get a job(s!) and pay off the debt
The diffference between a debt card and a credit card is ,in a debt card it's money from your account .In a credit card is when you borrow money from the bank.
I am so in debt and I am worried about paying my credit cards. Where can I get advice on credit card debt solutions?
There were no credit cards in 1900, hence no credit card debt.
A person is in credit card debt when they have charges on their credit card and can not pay them. A person can make charges on a credit card and make payments at a later date. When a person charges on their credit card, the charge is now a debt that must be paid.
Illinois is not a community property state, therefore a spouse who is not a joint account holder is not responsible for the credit card debt of the other spouse.
If you have made a debt to them and you are not able to satify the debt they request the court take your property to repay the debt.