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What would happen if I stop paying my U.S. credit card while living overseas?

Senior Contributor

Re: What would happen if I stop paying my U.S. credit card while living overseas?

1st... If the rate on your card is >10%, maybe you can do a bal xfer and be able to make payments that are lower for 12 months or so.. Most issuers min pmts have changed to 1% o your balance plus interest or $25.
Secondly... Perhaps you could take a cash advance to pay the card for a few months til your situation improves.

While those arent ideal options, it's much better to take a cash advance or open a new account for a bal xfer than to EVER miss a payment.

No matter what, NEVER miss a payment.
Barclay's is accomodating for large limits to accomodate bal xfers if your score is 630+.. i got a $6,500 limit with a 680'ish score. Barclay's is primarily a European bank also if that's the area you're in!

Hope this helps
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Message 11 of 16
Established Contributor

Re: What would happen if I stop paying my U.S. credit card while living overseas?


trumpet-205 wrote:

First, your US credit is tanked. You will have trouble getting loans, credit card, rent, and in some circumstances, jobs in US.

 

Collection agency is probably not going to sue you (although I believe they can, just doesn't serve much purpose unless you have valuable assets in US). US doesn't do debtor's prison for a very long time, so no arresting will be done. However, if you ever set your foot back to US (which I'm pretty sure you will), collection agency can come after you, even after SOL (they just can't sue you when it is past SOL, but they can still attempt to collect debt).

 

It sounds to me like you rack up some big debt, since you are making long-term minimum monthly payment? I'm a firm believer that if you owe something, you ought to pay it back.


+1, i have to Strongly agree on that statement!



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Message 12 of 16
Moderator Emeritus

Re: What would happen if I stop paying my U.S. credit card while living overseas?

In many states, if you leave the state or even leave the country, the SOL clock can stop for an indefinite period only to restart if you re-enter the state or country. Something to think about too. 

Message 13 of 16
Valued Contributor

Re: What would happen if I stop paying my U.S. credit card while living overseas?


llecs wrote:

In many states, if you leave the state or even leave the country, the SOL clock can stop for an indefinite period only to restart if you re-enter the state or country. Something to think about too. 


+1

 

Completely forgot about it. SOL do stop for indefinite period when you are abroad.

Message 14 of 16
New Member

Re: What would happen if I stop paying my U.S. credit card while living overseas?

Thanks for the advice, but what is SOL?

Message 15 of 16
Highlighted
New Member

Re: What would happen if I stop paying my U.S. credit card while living overseas?

Nevermind my previous comment - I just looked it up (statute of limitations).

 

Thanks

Message 16 of 16