What happens if I stop paying my sizeable credit card debt and move out of the USA? ?
Glombudsman asked:
I carry over $40G in credit card debt due to some large life events. This debt has been consolidated into one account at my bank. I am about to retire and move to Indonesia. If I stop making payments after moving, what will happen? When will my credit be restored? The usual 7 years?
Kathy
I carry over $40G in credit card debt due to some large life events. This debt has been consolidated into one account at my bank. I am about to retire and move to Indonesia. If I stop making payments after moving, what will happen? When will my credit be restored? The usual 7 years?
Kathy
Comments
Comment from Steve D
Time June 13, 2009 at 6:25 am
While the debt may not be reported to the credit bureaus, you will still owe the debt. This leaves open the question of whether a court will find you guilty of fraud upon your return (knowingly avoiding debt by moving).
If you plan on staying in Indonesia for the remainder of your life, there is probably a good chance you credit reports will not follow you.
Comment from Judy
Time June 13, 2009 at 4:14 am
They will probably have to sue you in Indonesia which is not going to happen. They would need to follow government procedures to garnish wages.
Wow… you beat the system. Have fun abroad!!!
Hey, before you go… charge a few more things and mail them to me.
I can’t wait to see the other responses.