Student Leaving Behind Credit Card Debt
REM #LAW596
By Ilyce R. Glink and Samuel J. Tamkin
Summary: A foreign student considers leaving the country without paying their credit card debt. Ilyce and Sam explain why the student must pay off his debts.
Q: I'm not a US citizen, but I am here legally, studying at a university.
I have accumulated some credit card debt. What would happen if I leave the country after I finish my education without paying my debt? Is there any international law that would apply? Could they find me in my home country?
What could be the consequences of this situation?
A. Frankly, your question is quite problematic and disturbing. If you are in financial difficulty, you can seek credit counseling help. If you need time to pay your debts, you can structure a repayment plan. If you are so in debt that you can’t cope, you can file for bankruptcy.
It’s hard to imagine that you’re even contemplating the idea of running up $20,000 or $30,000 in credit card debt and leaving the country. It’s shameful.
The only advice you should receive is to pay your debts. You’ve made use of your credit cards and should pay them off. If you can’t, you should work within the system to negotiate a payoff or pay them over time.
If you simply leave the country, the credit card company will eventually charge off the debt and destroy your credit history and credit score. If you change your mind and want to come back someday to establish a life, get a job, buy a home and raise a family, you might find the specter of your foolishness coming back to haunt you.
Samuel J. Tamkin is a Chicago-based real estate attorney. Ilyce R. Glink’s latest book is 50 Simple Steps You Can Take To Sell Your Home Faster and For More Money In Any Market. If you have questions for them, write: Real Estate Matters Syndicate, PO Box 366, Glencoe, IL 60022 or contact them through Ilyce’s website www.thinkglink.com
Capital Gains Tax Question
1031 Exchanges to Avoid Capital Gains Taxes
Quitclaim Deed Does Not Change Mortgage
Refund for Misclassification of Home
Dividing Property Into Multiple Lots
Link to This Article
Like what you've read? Spread the word! You can link to this article
from your website by copying the following code and adding it to
a page on your website:
Copyright ©2001-2007. ThinkGlink, Inc.
All rights reserved. Reproduction of material from any www.ThinkGlink.com pages without permission is strictly prohibited.
Site designed by Walker Sands Communications
