Financial Channel

Hello,
Is a credit card a secured debt or not? If i dont pay my credit cards, what will happen other than my credit rating goes to the dump. if i cant pay it and go into bankruptcy, can a credit card company force me to sell my car to pay it off?

unsecured

nothing. but that in itself is enough to ruin your life.

no. but you will never be able to finance a new car for example... or get a mortgage to get a house.. etc

to declare brankrupcy, you must have ZERO assets. So yes, you will need to sell your car.

Credit card is not free money.. Why does everyone seem to think so?

Only if his car worths over $5000. No, he does not have to be 0 asset.

after you get DISCHARGED from bankruptcy, you can easily get a mortgage *if* you have 25% down payment.

Why are you saying "never"? Isn't it only 7 years for bankruptcy? People make mistakes and 7 years is a heck of a long time to pay for that kind of mistake (in my humble opinion). Let's not forget that when you don't pay your credit card it's not like you're stealing from orphans...the credit card companies are insured