- May 22, 2024
- Posted by: legaleseblogger
- Category: Related News
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## What happens if I cannot make my credit card payments?
I have a question regarding what could potentially happen if I am unable to make my credit card payments. I want to clarify that I am not trying to avoid my financial responsibilities, but rather find myself in a difficult situation due to circumstances beyond my control.
I work as a programmer and had all my funds invested in cryptocurrency on the FTX exchange. Unfortunately, FTX declared bankruptcy, leaving me with no access to my funds. I have been struggling to make my credit card payments through Revo Payment, as my funds were tied up in FTX. Over the past two years, I have been making partial payments, but the recent financial difficulties have made it increasingly challenging for me to keep up with my payments. In the last two months, I had to borrow money from friends to make payments towards my credit card debt.
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****** just grabbed a
Talk to your card company and/or think about taking out a repayment loan.
If you fail to make a payment once, very little might happen. Multiple times and your card will be cancelled and you will have a black mark on your credit report.
Also the most recent data suggests that most FTX account holders will be made whole as crypto prices have rised such that the assets that the bankruptcy trustee was able to claw back should exceed owed deposits.
You will be blacklisted
Maybe they send your info to collection company.
This company will call and send letters for a few months.
They hope to intimidate.
Most won’t go to court.
Then they give up.
Out of curiosity: how does a loss of funds/liquidity that happened 2 years ago throw you in a debt hole that ends in despair like this?
I assume you have income? Was there no way to budget and get this thing paid off?
Did you max out your credit card buying crypto?
I’m trying to understand if there’s some trick about Japanese credit cards that might bite me someday.