Legal Question in Credit and Debt Law in Florida
repo & credit card debt
I have had my 2008 jeep since april last year... now having problems with paying the bill, cant sell it for what the loan is. cant get a loan for the difference. might have it repo'd. can i be sued for the difference and what if i cant pay that. can they garnish my wages, put a lein on my home or what? which is worse, not paying credit card debt (since they are all upping my credit interest rate) or not paying the car. I have a credit score in the 730's range. at least for now.
1 Answer from Attorneys
Re: repo & credit card debt
You are between a rock and a hard place. First determine what has the higher interest rate and the largest debt. You need to sit down and figure out what is the least costly to you, and I cannot do that without the figures and a fee. This does involve time.
If the truck is repoed, yes they can come against you for more than just the difference. Credit cards usually have a higher interest rate, but only require minimum payments. If you are interested in saving your credit score, you may want to consider borrowing the difference from what you can sell the truck for on your credit card and pay the truck off. In the long run, however, you may end up paying more due to the interst on the credit card.
Good luck. see www.ConsumerLawyerHelp.com for some helpful links,
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