i recently got a new credit card to fund a garage renovation, it was only for 300$, before i could make the first payment i was laid off from work and there is currently no money to make the payment. i have already sold the few things i could but that was to cover my mortgage and utility bills. I herd somewhere that if you get a credit card and then not make any payments then its considered fraud. I dont want to be in any trouble with the law, i just can afford the payment right now and im not going to choose to pay it over feeding my children/keeping a roof over our head and utility bills. any information would be greatly appreciated.
It's not fraud if you can't make payment on a credit card. However, if you choose to not pay your credit card, your creditor could eventually choose to sue you for the balance owed. Of course, that wouldn't happen for quite some time though. Try to pull together the cash so you can make at least the minimum payment by your due date in order to keep the account current, and then you'll have another billing cycle to try and come up with the rest of the cash you need to pay off the balance. Even if you can't make at least the minimum payment, you'll have at least 90 days before your creditor decides to charge-off your account. You want to avoid that if possible though, so try to make at least those minimum payments if possible. How's the job search coming?
Josh is right, you have time before the credit card company can charge off your account for not paying your credit card. I would try and make your minimum payment. Thanks! Heather with BoostMyScore.NET
