Credit Card Debt crisis

VA, they could eventually sue on it and try to garnish wages or even possibly lien their home but honestly, that is a process that happens years from the last payment date and normally is done by bottom-feeder collectors. Reason for that is no one thinks they will get anything out of them anyways or they already would have.

To be fair, I've never been involved in that process so I am just going off of what I hear from Ramsey and people who call into his show who are going through that process.

BTW, this also varies from state to state. Some states have laws that pretty much prevent creditors from doing some the actions I mentioned above.

 

I'm sure they do a cost/benefit analysis on who they want to take it that far with. I'm betting they just swallow the loss on the small potatos.

 

North Carolina will not allow debt collectors to garnish your wages. They can place a lien on your property though.

 

Thelt, there you go. I wasn't aware of that but yeah, states have varied laws around this. I've heard Texas has some of the most consumer-friendly laws.