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The lesson learned? KNOW that IF you can not pay your credit cards due to a sudden loss of income, they WILL take you to court, get a judgement. (which also automaticly puts a lein on your car and home and all other real property)
with this judgement they will take your house (exempot up to 200,000 in MN) Your car(s). You can have one car exempt up to only $4300. You can have up to $11,000 tools of the trade. So ok there. Ect
The point is THESE sweet and friendly credit cards WILL play hard ball and RUIN you if you can not pay them back IF you have property, cash, stocks, bonds ect over the exemptions.
The lesson. Cash only. Get rid of all cards before it is too late.
That balance you are carrying (maybe $10,000 plus) is like a boulder hanging over your head. Dont pay them andd they will crush you.
And YES I payed back my principal AND about 100% interest over 10 years BUT due to the nature of interest was never able to get the principal down.
My mistake: I feared them and spent all my cash I had trying to pay them off even for 6 months when my cards were pegged.
They are absolutley the scum of this country with their 20%+interest rates which are almost impossible to pay back.
Afterall IF you could pay it back you would not have borrowed the money to begin with.
Someday i will build a site and educate the American public on what to do should you not be able to pay your CCs someday.
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