Legal Question in Credit and Debt Law in California

c.c. and loan debt

I have a credit card (20K balance) and a personal loan (47k balance) that I am considering defaulting on due to inability to make payment. They are both un-secured. What are the consequences of this? Should I call the lender in advance? Will I be sued? etc. Thank you.


Asked on 1/04/09, 3:08 am

1 Answer from Attorneys
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Re: c.c. and loan debt

Your credit will be impaired, and eventually they will sue you. But there's no need to call them and tell them you're going to default, I'm sure they'll figure it out real soon.

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Answered on 1/04/09, 3:28 am


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