No...Credit cards are unsecured debt. This means that there%26#039;s no colateral attached to them. A credit card company can however take you to court and get a judgment against you that would make it extremely difficult for you to buy or sell any real property.
Can banks take your property if you can%26#039;t pay back a credit card debt?
They can get a court order to send in the bailiffs and take your goods, including your car. And of course your credit score will become zilch.
Can banks take your property if you can%26#039;t pay back a credit card debt?
When dealing with credit cards you have to be careful about how you think about the things you own and what really is your property. Obviosly when you buy something on credit, that item isn%26#039;t exactly your property until it is completely paid off, it ultimatly is the property of your creditor and they retain the right to repo the item if you are delinquint with the payments. On top of that, if the item has lost value they are able to repo another item or items until the creditor is wholey compinsated. This is normaly only done with expensive items like cars houses and things of such value, except houses are foreclosed not repoed.
For example if you buy car for $10,000 as soon as you leave the dealers lot it%26#039;s worth about $8,000. So if you don%26#039;t pay they have the right to take the car back AND $2,000 worth of your stuff.
in a lot of cases creditors are willing to work with you as long as you can pay something. The worst thing you can do is to ignore them. Careful with those credit cards.
Can banks take your property if you can%26#039;t pay back a credit card debt?
It%26#039;s unlikely that they would be able to take your home. However, they could sue you for the amount, and then you%26#039;d have to pay. This might require you to sell your home to raise the funds.
Sell some stuff around your home, get a boarder in, or do extra work. Raise the money and get rid of the debt. Then they can%26#039;t do anything to you.
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