Home Loans and Support

Can you legally stop paying credit cards?

Because of the economic crisis, credit card users are experiencing a lot of problems making even the minimum payment. The problem is the high interest. Even if you pay for the minimum payment, you still have to pay for the principal. Since the interest for credit cards has increased, you may only be paying for the interest without paying for the principal yet.

Some people say that there is no way to legally stop paying credit cards. However, you can legally stop paying for it. They cannot send anybody who can’t pay their debts to prison. If you did not break any laws and incurred debt, then you can legally stop paying for it.

The problem is it can be deal a great damage to your credit. Be prepared to receive tons of phone calls and collection letters. The worse part of it is that you may be brought to court. However, if you lack assets, you have a bigger chance not to be sued.

You may ask “How can I legally stop paying for my credit card?”

There are numerous ways. You can use your remaining credit limit to pay for necessities like rent, food, and tuition. This is absolutely legal if you are not going to file for bankruptcy at any time.

Stop paying for your credit cards once you have them maxed. They will be cancelled after several months of not paying for them. When you do stop paying for them, you might want to change your phone number to avoid bill collectors from calling you many times a day.

Because of the provisions of the Fair Debt Collection Practices Act, you can stop collectors from calling you several times when you write to your credit card companies and tell them to do so. If they insist, then you can sue them.

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About Moe Bedard

My name is Maurice Bedard, but most people call me Moe. I am the founder of America's #1 Mortgage Forum, LoanSafe.org, and also a website design firm called We Create Web Designs. My online work has been featured in the New York Times, LA Times, Fox Business, and many other media publications. I currently live in Carlsbad, California with my beautiful wife and children.

One Response to Can you legally stop paying credit cards?

  1. minda says:

    In writing a hardship letter, is it okey to say that it is because of your gambling problem?

      (Quote)  (Reply)

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