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The credit card company will report the incident to the credit bureaus and you cost of credit will go up. You will be referred to a collections agency if the amount is large enough. This is a very bad path to start down.

You may be able to negotiate with the credit card company for a settlement if you can come up with the cash before they start the collections process so you can buy your debt at 1/2 price or so.

Original creditors do not negotiate debt settlements, that is always done by the third party collector that purchases the debt or by authorization the original creditor to the contracted collection agency to do so.

The reality is creditors do not care what the debtor's personal circumstances might be, they simply want their money.

Be that as it may, you can contact the customer service department to learn if the creditor has options available for such situations. Bt choose carefully.... If you do tell your credit card company you have lost your income they will likely reduce your available credit to next to nothing, which harms your credit score.

Some creditors will allow the debtor to make "interest only" payments or freeze interest rates and waive penalties for a specified period of time (usually 6 months) and so forth, to prevent the account from being defaulted.

The debtor might wish to inform themselves about the laws of their state relating to debt collection and personal and real property protection in case of a lawsuit.



*THEY WILL SUE YOU!!!!!!!!!! There are no options. They do not care if you are unemployed, if there are no jobs in or area and even a single mom to boot. These Banks that CAUSED our economic failure WILL take you to court and win. The judge then decides whether to put a lien on your house or garnish your wages leaving you unable to EVER have a decent life again. The unemployed in our country don't have a prayer. I wish people would stop sugar coating things.
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15y ago

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