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I have two credit cards with 2000 dollars debt on them. While I am paying minimums for now, Im considering just cutting them loose and just dealing with the bad credit.
Cause that's all that would happen
Er well yes and no. That's all that would happen in the realm of your life staying exactly the same for 7 years. If anything changes in 7 years then this attitude would hurt you. If you ditch $2000 in debt and ignore payments, you'll never get a mortgage. What if sometime in that 7 years you desperately need an credit card or line of credit? No one will lend you a dime. Want to lease a car before 2028? No place will even consider you. Where I live you need a credit check to even rent a decent apartment. I dont advise this.
you sure it's the credit card company and not a third party they sold the debt to? That happens to old debt sometimes.
This was my first thought. My aunt got in a bad way with debt after my uncle died and she never told anyone. She had a gambling issue no one knew about and eventually racked up over 20k on a credit card.
Eventually it got handed off to a debt collection company after she was delinquent on payments for over 12 months. These companies will only get paid if they recover some money and often try and scare you into compliance. They'll serve you, and often offer you a package in order to get out of it. "Pay us 75% by a certain date and all is forgiven". If you ignore them they'll eventually move onto a new contract.
Yes absolutely just call and talk to them about it, explain you never got contacted about it (be polite), and ask if there's any way they can help you out.
For small stuff like this, most places are usually pretty reasonable.
If they refuse to compromise on anything, as said, the worst that can happen is a mark on your credit record. You don't ACTUALLY have to pay anything if you're willing to accept that, and it can be recovered. It sucks, but its not the end of the world.
Also, despite what some of the alarmists are saying, something as minor as this will definitely not block you from all credit. You will still be able to get (bad) credit cards and (small) loans. The worst that something like this can block you out of is buying a house or a new (as in, not used) car.
It's like paying for bubble wrap. -transience on Final Fantasy: All the Bravest