First, you should speak to the credit card company and let them know your circumstances. Perhaps they will work with you to stop your interest payments and allow you to make very minimal payments, as least until your financial situation improves.

The credit card company may sell-off your debt to a collection agency. The collection agency will demand payment, and they may offer you a lump-sum settlement amount which is considerably lower than the total amount due.

Eventually, you may get sued. If so, you may want to look at bankruptcy. If you don't declare bankruptcy, a judgment can be issued against you. The judgment can be enforced against you by the judgment creditor using various legal means, including wage garnishment (but not on the wages of head of household).

I hope this was a somewhat helpful overview. If you have specific questions, you may find some free legal assistance at a legal aid clinic in your area. You can find a listing of such clinics at the Florida Bar website (www.flabar.org).

If you speak to the credit card company, do not release your bank information or any information re your assets or employer. Do not sign documents where they can take money from your account. Never agree to a plan of payment you cannot keep, especially if you default and the agreement says that a judgment for the full amount and fees can be awarded against you. Finally, if you are sued, see a consumer lawyer in your area. For a consumer lawyer in your area, go to

http://naca.networkats.com/members_online/members/directorya.asp?token=

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