Credit Card Debit Help Please!

[ZedSWR]

Hello,

I'm aware this subject has nothing to do with the forum topic, but I have no where to turn to and I feel this will be the best place to get some unbiased suggestions on what I should do.

I currently have a credit card debt totaling $30,000+... I know its a massive debit, but I received the credit card when I was fairly young and have built it over the course of 3-4 years, with two credit limit increases. I've got to the point where I just want to stop paying it, and avoid all emails, letters and calls from the bank.

I was told by a friend that if I stop my monthly payments, avoid communication and vanish in the eyes of the bank and debt collectors they'll eventually come to the the conclusion that the debt will not be recovered. The reason he said this was because it had worked for him in the past with a loan, and the only thing that resulted was a poor credit rating but that was it. He never paid the remaining $13,000 on his loan.

Is it a smart idea to try and avoid a debt this way and will they give up at some point, and if they do what will be the repercussions. Also does anyone have any other suggestions for handling this?

Its important to point out The credit card is with an Australian financial institution.

Once again I'm so sorry for the off topic post, but I really need some help, the stress of this is killing me at the moment.

Thanks guys

 

[João Silva]

I cannot help you but I sure want to know what to do in this kind of issue

 

[mnschwarz]

As far as I'm aware in Australia you'll have to claim bankruptcy to get out of it. If you simply stop paying, the institution can and most likely will take you to court which will only serve to increase your debt and force you to sell anything of value you own. Your friend's amount is smaller but I doubt he has heard the last of that either. The amount will continue to accumulate until it reaches a point that it's worth it for the institution to chase after. A bad credit rating alone also has repercussions that can follow you for a really long time but you'll probably also find you can no longer leave the country etc.

 

[ZedSWR]

As far as I'm aware in Australia you'll have to claim bankruptcy to get out of it. If you simply stop paying, the institution can and most likely will take you to court which will only serve to increase your debt and force you to sell anything of value you own. Your friend's amount is smaller but I doubt he has heard the last of that either. The amount will continue to accumulate until it reaches a point that it's worth it for the institution to chase after. A bad credit rating alone also has repercussions that can follow you for a really long time but you'll probably also find you can no longer leave the country etc.

F...K me, that doesn't sound good - I was really hoping for an answer which was the complete opposite. Thank you for you comment though. I really don't know what I'm going to do.

 

[João Silva]

I really don't know what I'm going to do.

Maybe going to my country (Brazil). Here people think it´s normal, Ok have huge amounts of debts and they cannot leave you with notthing.

If you have 3 televisions for example, the "justice" (what a joke) system will take just 2 of them. If you´re the medium poor that lives in favela they cannot take anything from you.