if you dont pay they sue you then get a judgement and put a lien on your property or garnish your wages or freeze your bank account.They use the unsecured bull to explain why they charge such high interest but these loans are not really unsecured.
"are credit cards really unsecured" ? For onlookers that may not know this topic: http://www.ftc.gov/bcp/conline/pubs/credit/secured.htm I would assume that with a secured card, you would have money sitting in a bank in which they can pull out immediately if the CC goes delinquent. With an unsecured card, sure they can mess with your credit report and sell the debt to a collection agency. Reporting negative information to a credit reporting agency will not make them any profit. Selling the debt to a CA will still give the CC company no profit from dealing with delinquent card holders. And if I had a secured card, AT&T would have ripped me off for over $850 whereas with using a CC (which happend to have a very poor customer service and disputing department) allowed me to let the time run out and not pay anything to them. Even after courts with judgments... I have sued people in the past and received judgements and I still have not received a penny from them. To me, unsecured and secured is a huge difference in how money can flow.
apples and oranges Credit cards are not unsecured they have if they choose to ways of getting there money.Secured cards are a whole different subject.Since the new bankcrupcy laws went into effect have you seen any great drop in interest rates on unsecured cards i don't think so.The banking industry is one of the biggest ripoffs on consumers.They are allowed to charge 39.00 over limit fees and 39.00 late fees on balances as low as 500.00 every month and this is on top of charging 30% interest rates.There crooks plain and simple.
