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credit card lowered my credit limit

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Subject: credit card lowered my credit limit
Posted on Wed Nov 04, 2009 1:24 am  

The credit card co lowered my credit limit without notification. I owe then around $3,000 and always pay more than my min pmt. I am 83 years old on social security. I don't own a home and I owe more on my car than what it is worth. I have no possessions. I'm upset about this. If I just stop paying my credit card, what can they do to me? I have no savings and my checking account is only for my social security income.

Joined: 27 Oct 2009
marcusandila's page
Posts: 133

3037 Magic Points

Posted on Wed Nov 04, 2009 2:08 am  

Well for starters, they will send it to collections. The collection company will call you all the time & fill your mail box up with bills. Eventually, if you continue to neglect the debt you owe to them- They can take you to court. If you pass away, your family will then be responsible for paying it.

You can just call them and talk to them. Ask them why they lowered your credit limit. Continue to make your payments. You can always request a credit limit raise in the future.

Subject: One more question
Posted on Wed Nov 04, 2009 2:14 am  

How can they make my family be responsible?

Joined: 10 Oct 2009
debranewell2008's page
Posts: 591

109 Magic Points

Posted on Wed Nov 04, 2009 2:16 am  

They might not be able to garnish your account because you only deposit your SS check in there. But I'm like marcusandila on this. They will get their money. So don't stop paying them because they lowered your limit.

Joined: 27 Oct 2009
marcusandila's page
Posts: 133

3037 Magic Points

Posted on Wed Nov 04, 2009 2:26 am  


They can make your family responsible like this:

When someone dies, all of their debt gets passed onto their power of attorney that they allocate to take care of it for them OR if there is no power of attorney; the courts will decide who is the closest relative-typically this is your eldest child or if you have no children, a sibling, etc. Just like when a young person dies and their parents are responsible for their debts.

Even if you have a power of attorney, they typically just use your money in your bank account/savings accounts to pay for your debt you have [utilities, credit cards, etc]. Then, they can sell your stuff to try to make up for the difference [an estate sale]. Then, if the debt is STILL uncovered by these actions. The debt falls onto your family.

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