You may be deep in debt and think that moving to another country is an easier way out. However, running away from your debt is never the answer and can have severe effects on your financial future. To avoid escalating your financial nightmare from bad to worse, here are some crucial things that you should consider before attempting to leave your country and your credit debt behind.

You’ll Decimate Your Credit Score

If you leave the country before paying your credit debt, your creditors will charge off your debts and sell them to collection agencies. As a result, your credit report will suffer a devastating blow. Such a negative mark on your credit score will remain in effect for the next seven years, obliterating your credit worthiness and severely limiting your ability to make large purchases. While waiting out the seven years before returning to the U.S. may soften the effects on your credit score, a judgment can be entered against you before the end of the statute of limitation period — forcing you to stay abroad or pay up.

You’ll Receive Harassing Emails and Phone Calls

If you leave the country and continue paying your debts, you won’t have any problem with your creditors. However, if you stop paying, your creditors will start calling you to collect the debt. Their bank’s collection department will also start sending you email messages to demand payment. Eventually, your debt will be written off and sold to a third-party collection agency who will then call and email you repeatedly for repayment, especially at the most inconvenient times of the day.

Your US Assets Can Be Seized

If you leave the country and stop paying your credit debt, the creditors will go for your investments and savings within the country. If your debtor files a lawsuit before you leave the country, it will continue and can be decided even in your absence. Even if the court cannot force you to pay the debt since you are away, the debt collector will go after any investment, savings, or money you left behind. Also, if you continue to work for a U.S.-based employer, your wages will be garnished.

You Can Be Sued

If your debt is large enough, your creditor may file a lawsuit against you. Ideally, they would serve you in the state in which the loan arrangement was actually made. However, if you flee, they may face several challenges in suing you, as loan arrangement penalties differ from one country to another. The bottom line is running away from your problems is never a good idea, because your debt will ultimately be waiting for you when you decide to come home. Fortunately, there are more adult and ethically responsible ways to honor your commitment as a borrower and manage your debts.

Get Help Managing Your Debt

If you are considering living abroad or are coming back to the U.S. and want to settle your unpaid debts, you’ll need to seek professional assistance. The experts at the Progressive Debt Relief will help you get your financial affairs back in order by negotiating and settling your debt. Our proven process will also help you avoid lawsuits and put an end to harassment correspondence from creditors. For more information or to book a free consultation, please do not hesitate to contact us today.