What should I do about my credit card debt?

Question

Last year I was homeless for a couple months and before that i maxed out my credit cards just trying to pay rent. I haven't even had a steady source of income to feed myself, let alone keep up with the insane interest and late fees the account has been accruing. The interest payments alone are more than I will ever be able to pay in a month and unless i suddenly become a millionaire or win the lottery i will NEVER be able to pay off the balance, and even if i make a payment, that balance will still only get larger. I will never be eligible for a credit card again--i've already tried applying for a balance transfer card to no avail--, but i'm probably just going to give up on paying it off entirely because not that i have a job, there are much better things to spend my money on than literal debt slavery. What should i do?

sleepingliv · Answer

Eventually, the credit card companies will obtain a judgement against you and garnish your salary.   If you have a checking account, they will freeze it and take the balance of the account.  Whether you like it or not, you're going to pay your debt.  Why did you take credit when you couldn't afford to pay it back?  Why didn't you look at the interest rates and penalties before applying for the card?  This is your own fault.  There's much to be said for due diligence.  Start practicing it.

Them · Answer

Too bad we "elected" even MORE crooked republicans.  The republicans changed the bankruptcy laws to make it harder for you to escape your debt - but now with TrumpTreason that will probably get even worse.

Gary B · Answer

Pay it of if and when you can.  NEVER give up.

But you ARE going to haev to work with the HARD hit to whatever is elft of yoru credit.

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What should I do about my credit card debt?

3 Answers