DEBT PROBLEM
Question: If I can't work something out with my
credit-card companies and I walk away from them, what can they
do, since it is unsecured debt?
Answer: You may walk away, but it has been my experience that you can't hide from creditors. In fact, "walking away" is probably your worst option for handling a debt problem. It is true that credit-card debt is an unsecured
debt, and as such it is unlikely that someone will show up at
your door to repossess anything or serve you with a foreclosure
notice. However, credit-card issuers have many options with which
to get their money back and make your life miserable, should you
decide to stop making payments.
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