What can the credit card company do to you if you have a credit card in your name and your son is an authorized user and he has charged 40000 without you knowing it?

Answer 1

Unfortunately, because the account is in your name and your son is authorized to use the card, you are just as liable as he is for any charges incurred. The credit card company, if not paid, can close the account and reflect unpaid balances or poor payment history on your credit report. Should the account go into collection, they collectors will come after you, not your son. If you get someone helpful on the phone, you may be able to work out a payment plan, assuming the minimun monthly payments are too steep. However, whatever you work out and whatever you do or don't do, it will be reflected in your credit history, not your son's. That's why it's recommended, despite best intentions, not to authorize anyone to use an account in your name. Good luck. Unfortunately, if the card is in your name, you are responsible for the debt. Any and all methods of collection will be used to force payment, including but not limited to: court action, attachment of property and possibly even attaching your wages.