A judgment is when you are taken to court for a debt.

A judgment is when you are taken to court for a debt…you pay the court expenses by the way…they don’t have to show up either….the judge decides what you will pay on the bill monthly and then he moves on to the next person…this is entered as a judgment against you and is on your record at the credit bureau for 7 years.

Is having a court judgment for debt affects employment? is there imprisonment for non payment of debt? how can i negotitate with my credit card companies to lower the interest rate or waive late payment fees.

It could affect employment if the prospective company runs a credit check. The judgment will affect your credit in a big way. There is no imprisonment for debtors, otherwise half the country would be in jail with all of our out of control spending.

Give your creditors a call and ask what they are willing to do for you. I like to get everything in writing first, but I don’t always get it, then I have to decide if I can trust them (stop laughing everyone!) or just insist on written info or don’t go with their proposal.

Thank you for everyones advice. I am waiting to receive the papers becasue my parents live in a different state than me( I live in New York and have for 6 years, they live in Ohio). Then I can see what this is all about. I’m not sure if my court date is even in Ohio or New York becasue my parents didn’t open it. Will I have to be there? I can’t take time off work right now becasue we are so busy. My mom did mention that the court date is Feb 14th- Happy Valentines Day haha.

I will definitely try to contact the creditor once I see who it is and try to make a deal with them. I hope there is no time limit that has run out already though and responding to these papers? What should I offer them- the full amount up front including fees? I am afraid that it will be much more than my original credit card bill.

The only debtors prison in the USA is the prison without walls that debtors may find themself in if they are unable to pay a creditor off in a timely manner . Loan shark interest fees, over the limit fees that usually got there because of the L S interest, and late payment fees are the main
reason for this prison.

I saw on Lou Dobbs this evening that the US Senate banking committee
is looking into unfair practices in the CC industry. My favorite author , Elizabeth Warren testified. Her book ALL Your Worth is a keeper. Lots of great info in this down to earth book written by the Harvard Professor.

Those who lobby for the CC and banking industry must be busy on the hill with this hearing going on. Hopefully they will not be successful and some changes will be made. Kudo’s to Elizabeth Warren and Democrat Senator Christopher Dodd of Connecticut!