credit cards

After yrs. of having good credit I sort of went off the deep end and maxed out 5 credit cards, made a payment or 2 and quit paying. A few months later I then maxed out another card and have made one partial payment. Can I be sued or charged with fraud for using up the cards so quickly and then discontinuing payments? What if any legal trouble could I be in? If I could be sued do I have to appear in court? What if I didn't show up? I currently live in Tx. but most of the charges were incurred while living in Fl. I would greatly appreciate some advice.

[I AM ALWAYS LIABLE]

Originally posted by dianneoops
After yrs. of having good credit I sort of went off the deep end and maxed out 5 credit cards, made a payment or 2 and quit paying. A few months later I then maxed out another card and have made one partial payment. Can I be sued or charged with fraud for using up the cards so quickly and then discontinuing payments? What if any legal trouble could I be in? If I could be sued do I have to appear in court? What if I didn't show up? I currently live in Tx. but most of the charges were incurred while living in Fl. I would greatly appreciate some advice.

My response:

Nothing is going to happen to you. It's okay. Credit card companies expect this sort of thing from about half of their customers. They take it as a business loss. You see, payments are on the "Honor System" - - if you can pay, great. If you can't, who cares? Let's face it, it's only plastic, right?

But, if on the slight chance you were sued, and didn't show up at the courthouse, the judge would merely dismiss the case and tell the attorney for the credit card company to go home.

You'll be just fine.

IAAL

[I AM ALWAYS LIABLE]

Originally posted by dianneoops
After yrs. of having good credit I sort of went off the deep end and maxed out 5 credit cards, made a payment or 2 and quit paying. A few months later I then maxed out another card and have made one partial payment. Can I be sued or charged with fraud for using up the cards so quickly and then discontinuing payments? What if any legal trouble could I be in? If I could be sued do I have to appear in court? What if I didn't show up? I currently live in Tx. but most of the charges were incurred while living in Fl. I would greatly appreciate some advice.

My serious response:

You can be sued, but not for fraud. The credit card companies hope that a person uses their cards - - and to the maximum. That's how they make their money.

If you are sued, then yes, you will be required by law to appear in court. If you don't show up, the Plaintiff will be awarded a "default judgment" against you - - leading to a long term series of wage garnishments and other forms of "attachments" to bank accounts (checking and savings), and the loss of various other property.

A Florida judgment can last for up to twenty (20) years - that's right - and at the rate of 10% interest per year on the unpaid balance. The judgment will include the principle amount, plus your contract interest rate up to the date of judgment, court costs, atttorney fees, etc., etc. In other words, the amount you owe could "mushroom" geometrically by the time all is said and done.

You should try to make contact with your creditors to work out a written repayment plan with them. Doing so will forestall litigation.

Sorry about the above initial response. It was goofy and dumb. I was just playing around.

Best of luck to you,

IAAL