to use up credit amount

May 8th, 2012 by Questions

I was told that if you want to do a consumers proposal then you must max out all your credit cards? is that true or can you leave whatever money is left on it available.?
example: I have a credit card of 4000 and i only have used 1200, should i use the remaining amount or just leave it there?

Posted from: Ontario


One Response to “to use up credit amount”

, A licensed trustee said:

Whoever told you to deliberatly max out your credit cards was gravely mistaken. What you have described could get you in a great deal of trouble and would likely result in your creditors rejecting any proposal you may file… Don’t do it.

Contact a trustee in your area and go and meet with them. they’ll explain the ins and outs and then you can decide how to proceed.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)