Another question

[Mom2one]

I just got 2 letters from the credit cards in the mail Saturday, reminding me that I missed a payment. This is the 1st missed payment on each. Does this mean I don't have long before I get sued or something?

Thanks

[Mom2one]

Forgot to add another question, our highest credit FIA which is through Mand T bank , has my checking account in it. We just missed our 1st payemnt with them, we are planning on closing the account this week. I am hopingthis is the right thing to do.

Christine

[kornellred]

Christine - this may not be good advice, but I would open another checking account and withdraw the balance from your current account slowly, so as not to draw attention (not that anyone is actually watching). If you do not incur service fees for low balances, and you have no automatic payments being made out of the account, then you really don't have to close the account - banks often charge a fee for closing accounts.
I was in a similar situation as you - I had a checking account at Bank of America and I also owed them $20K in CC debt, and they were automatically deducting the minimum payment from my checking account each month. When I stopped depositing money into that account, the balance got far below the minimum payment. Even though I never signed up, or asked for, overdraft privileges, Bank of America paid the minimum payment out of my checking account and billed me for it, plus overdraft fees. Not closing that account was a mistake on my part. So if you are in that sort of situation, then definitely close the account.

[Mom2one]

I think we are going to close the account on Wednesday/ Howe long were you late before they started taking it out?

[keepmine]

Lawsuits are a long way off if ever. You'll likely have 6 months o longer before litigation is a reasonable option.
Remember, lawsuits are an expensive and inefficent way to collect and are really a last resort.