Old Project Avalon Forum (ARCHIVE) - View Single Post - What will happen if I quit paying my credit cards?

alyscat · 03-03-2009, 08:46 PM

There's a reason credit card debt is called "unsecured debt." They usually can't touch your assets. I know people who figure they'll just hold out until the economy fails and the credit card companies fail, etc. However, what I've seen is that if a bank gets close to failing, it's either bought by another bank or "nationalized." I would love it if Clif were right and this does snowball to the point where even the credit cards go under, but this is something I'll have to see to believe. LOL

Good luck, Francie!

03-03-2009, 08:46 PM	#22
alyscat Avalon Senior Member Join Date: Sep 2008 Location: Washington state Posts: 743	Re: What will happen if I quit paying my credit cards? There's a reason credit card debt is called "unsecured debt." They usually can't touch your assets. I know people who figure they'll just hold out until the economy fails and the credit card companies fail, etc. However, what I've seen is that if a bank gets close to failing, it's either bought by another bank or "nationalized." I would love it if Clif were right and this does snowball to the point where even the credit cards go under, but this is something I'll have to see to believe. LOL Good luck, Francie!