So I have a credit card that has about 10k on it (I had to finance a lot for family reasons) and they have shut it off. I missed probably 3 payments.
Now I’m on a program where they reduced it to 1%apr and just have to make a couple hundred a month payments to pay it down, which is still kind of rough.
What would happen if I wasn’t able to pay it off monthly
I assume you mean what happens if you don’t pay it off and don’t otherwise come to an arrangement.
They would ultimately perform what’s called a charge off. They would sell your debt to a debt collection agency and notate the charge off on your credit report. A charge off is one of the most harmful things you can possibly get on your credit report and would significantly damage your credit score for 7 years. Meanwhile, the debt collection agency will harass you incessantly trying to get you to pay the debt.
How did you get it down to 1% interest? 👀
It would eventually go to collections
Get a second job and pay off your debt.
It would go to collections and they will be able to eventually garnish your wages. I saw that you mentioned BK. That is a terrible idea for just 10K worth a debt. Can you get a 2nd job (uber, doordash, etc) to pay off the debt?
You may find these links helpful:
– [Debt](/r/personalfinance/wiki/debt)
– [Dealing with collections](/r/personalfinance/wiki/collections)
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