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Home >> Lending >> Credit Cards
Unemployed, Can't Pay Credit Card Debt
I have been unemployed for over two years I owe a credit card company and can't pay. There is no judgement as yet. Is it legal for them to take money out of my account without my permission? My bank is in Florida. If they let them do this and my account is overdrafted, what can I do?
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 First, tell your bank you do not want to be paid into the overdraft. Next, don't provide your credit card company with your bank account information, but do contact them with regards to your situation and make any payment arrangements you can, and that they'll accept.
If they seek a judgment and are successful, they may be able to take funds you have in the bank, but they can't force the bank to overdraw you. That just moves the debt from the credit card company to the bank. They can only reach real dollars.
The point being emphasized is communicating your situation with the credit card company. Tell them what you have coming in, and going out. Remember your debt isn't just going to go away, but the lender knows if there is no money there, their options are limited. They may have no choice but to wait and to collect the money later.
Published on BankingQuestions.com 11/24/09
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