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Interest rates

I have credit cards and I owe 40,000 . I don’t consider myself as a bad person or a criminal because I have to go bankrupt.I got in over my head and once things start sliding it snowballs .The credit companies charge almost 700 dollars interest in total a month. Some of my cards charge almost 29% . I looked into buying a used car from a dealer who sells to people in financial trouble. They want almost 49 percent interest .What are they organized crime loan sharks.No wonder there are so many people bankrupt with the rates the companies charge. I was going back and forth paying one bill by taking a cash advance on another card.For 2 years I did this .I ended up just paying the interest and the balance would never go down .In the past 2 years my debt remained at 40 thousand . I paid almost 17,000 in interest in 2 years . The lenders are as much to blame as the poor person who has to go bankrupt.What if I just left and moved to another part of the country . What could they do if they didnt know where I was.Do they just keep adding huge amounts of interests to what I owe. If I was away for a few years and came back I could owe a million. Would I have to pay if I moved to another county .Could I get new credit in a different country or does the debt follow you around the globe. Is it fraud if I just took off . What can i do help

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One Response to “Interest rates”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

Often collection attempts stop at the Canadian border as it is more difficult to pursue someone utilizing the laws of a different jurisdiction. However, as our economic environment moves towards a greater degree of globalization there is steadily becoming a greater risk that our credit rating may follow us. For instance, Equifax, the primary credit bureau operates in most of North and South America as well as many places in Europe as well. While I believe they keep separate records in each country, you would have to contact them to gauge whether or not the credit history in one country will have any impact on the credit history in another.

In terms of fraud, I don’t believe running would constitute fraud, but that is really a legal issue that you may want to run past a solicitor.