Credit Card Company Says I Must Pay Account Balance By End of Month.

by T.R.

Thank you for responding, if someone does...

I have been in debt since October of last year. That is, I STOPPED making payments last October because I was fully enrolled in school and unemployed. It was tough.

Now I have a credit card company calling and telling me I have until the end of the month to pay... or something else will happen. They won't say what, but one gentleman told me it could be bad.

I am scared. Lawsuit? I'm only 22!

I can't make the $2000 payment in five days. What should I do? I gave them permission to debit my account only if I gave permission, but they were quite deceitful and now they said they have permission.... even though they don't.

I told them they could debit my account if I gave them permission before Friday... I gave them permission to do it, if I gave them permission.... does that make sense? Anywho! They tricked me and now they say they have electronic permission.

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Aug 30, 2011
Credit Card Company Says I Must Pay Account Balance By End of Month

You should never give a creditor to whom you owe money, or a debt collector, the right to debit your account! That is very dangerous because you basically lose control of your account.

If that is in fact what you have done, close your account right away and open a new one; however, be sure to consult with your bank before you do so that you do not incur any insufficient funds charges on your old account. Once your current account has been closed, let the credit card company know what you have done and do NOT provide it with any information about your new account.

As for what the credit card company will do to you if you do not pay what you owe to it, that is hard to say. It may turn your account over to a debt collector; it may simply write your account off as a bad debt; or it may sue you.

I do not know if you have a lot of other debts, but if you do, you may want to consider speaking with a bankruptcy attorney. The attorney will look at your finances and help you determine if bankruptcy is a good option for you or if there are other steps you can take to improve your financial situation. Here is where to go to arrange a free consultation with a bankruptcy attorney in your area. By the way, when you file for bankruptcy, all creditor and debt collector actions against you must stop.

Good luck!

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