I have been talking to friends & co-workers about the open house for the David Ramesy program that will occur this wed. (See here for more details:https://www.indianagunowners.com/fo..._house_the_debt_snowball_by_david_ramsey.html)
In any case some of the people (not really a friend more like someone I commute with) told me the following as I told her about the program and it left be with a "hu?" "I don't know".
The conversation went something like this.
me: so are you coming on wed?
her: why?
me: it's good info
her: how about I just stop paying me credit card debt. What are they going to do?
me: Well you are going to get hit with a late payment, your interest will probably increase heck worse they will send it to a collection agency.
her: ok so. I won't pay the collection agency either.
me: your credit will do down the tube
her: so? I have no plans on buying another house or car.
me: okay perhaps not another house but what about another car in the future. How are you going to get it financied since...
her: I'll pay in cash for the next car.
me: ... OK but the collection agancy will still all you.
her: I'll cut my phone/cell. What are they going to do? If I have no money I have no money they can bother all they want I won't pay.
---
At this point the conversation ended as we got to the station.
This left me a bit out of it. I've always paid on time even if I had to cut in other places but thinking about her logic I wondered about it.
So what happens after the collection agency? I guess in my mind I have taught getting sued by the credit card company, getting my wages garnish like they do for child support, etc.
Do they sue? And what if they do and the judge says you have to pay xyz dollars and you don't what happens then? Don't they throw you in jail for not paying? Can they toss you in jail since this is a civil thing?
I did not want to push this with her anymore since I bumped into uncharted waters on my end. So anyone know what happens?
Seems to me that if you are not going to pay (for whatever reason) then perhaps bankrupty is what you should do.
In any case some of the people (not really a friend more like someone I commute with) told me the following as I told her about the program and it left be with a "hu?" "I don't know".
The conversation went something like this.
me: so are you coming on wed?
her: why?
me: it's good info
her: how about I just stop paying me credit card debt. What are they going to do?
me: Well you are going to get hit with a late payment, your interest will probably increase heck worse they will send it to a collection agency.
her: ok so. I won't pay the collection agency either.
me: your credit will do down the tube
her: so? I have no plans on buying another house or car.
me: okay perhaps not another house but what about another car in the future. How are you going to get it financied since...
her: I'll pay in cash for the next car.
me: ... OK but the collection agancy will still all you.
her: I'll cut my phone/cell. What are they going to do? If I have no money I have no money they can bother all they want I won't pay.
---
At this point the conversation ended as we got to the station.
This left me a bit out of it. I've always paid on time even if I had to cut in other places but thinking about her logic I wondered about it.
So what happens after the collection agency? I guess in my mind I have taught getting sued by the credit card company, getting my wages garnish like they do for child support, etc.
Do they sue? And what if they do and the judge says you have to pay xyz dollars and you don't what happens then? Don't they throw you in jail for not paying? Can they toss you in jail since this is a civil thing?
I did not want to push this with her anymore since I bumped into uncharted waters on my end. So anyone know what happens?
Seems to me that if you are not going to pay (for whatever reason) then perhaps bankrupty is what you should do.
+1
