What happens if I pay only some of my credit cards?

Question

I left a job recently and cannot find another one. I have a small online business but cannot get enough to pay my cards.

I have a bank account and a home loan with 2 different banks and i have credit cards with them as well. I do not want to close those accounts and can just afford to pay the minimums plus all my living costs with those 2.

The problem is I have like 7 other credit cards I cannot afford to pay, I'm not going to do Chapter 7 but what if I just stop paying the 7 and continue to pay the 2...???

Thanks (Please no moral lectures).

Answer

Step one: find another job ASAP: there are tons of temp work agencies out there and that's a start. 2) All those credit cards won't just disappear and neither will the amounts due (which keep increasing monthly): perhaps you can continue to pay what you can (minimally) on most of them and pay as much as you can on the one with the least amount due....until zero. And so on to the next.  Of course in the meantime you MUST get rid of those cards. Use scissors.

What happens if I pay only some of my credit cards?

Answers (1)