Most people here will not give the best information, I would visit a website like http://diylegalinfo.com/ for more acurate informationWhat will be the consequence and the worse case scenario if you default on thousands on credit card dept?
The cards will get charged-off as bad debt... a huge negative mark..but not quite as bad as filing for bankruptcy. Your credit rating will be ruined for at least 2 years...and your credit score will go way down.
One of two things will happen after the charge-off: your creditors will sell your account to a collection agency, which will try to annoy you into paying...or...they will serve you a summons, take you to court, and it they win a judgement this could lead to wage garnishment and the freezing of your bank accounts. FYI: Wages cannot be garnished for credit card debt in these states: PA, TX, NC, SC and FL (head of household only)
Yes, it will ';put a huge dent on your credit score';, but not as huge as a bankruptcy would.
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