Thinking about not paying you"re credit card debt? Here"s what can happen.
Debt sneaks up on you. One day you wake up and there it is; you're in way over your head. When this happens, a thought that is common to a lot of people is, "Why bother to even pay my credit card bill?" No one can blame you for thinking these thoughts - we've all been there, but here's what can happen if you decide to go delinquent on your credit card bills.
Once you start missing your payments, creditors will start reporting you to the credit bureaus. This will affect your credit score negatively making it very different to get credit for anything else, even a cell phone. These negative marks on your credit can eventually be removed if you make a settlement with the credit card company or you end up making the payments, but this is often a long and tedious process.
Possibly the worst part about delinquent debt is the calls from the creditors. Creditors have the reputation of being relentless when trying to collect outstanding debt often calling as many as 8-10 times a day. Even the creditors that follow the "rules" will call you at your home, on your cell phone, and at work. The creditors that don't follow the rules will call your neighbors, family, and possibly your boss. Some will resort to making demeaning comments, demanding your checking account numbers and other banking information.
Another deterrent to going delinquent on your credit card bills is the legal action that your creditors may resort to in effort to collect. Some of the legal action can result in liens, garnished wages, or other legal judgments. While this process can take a long time, companies do resort to this to collect your credit card debt.
As you can see, the negative credit ratings, creditors making harassing calls and legal action are pretty compelling reasons not to go delinquent on your credit card bills. If you have reached this point, there are many professional companies that can help you learn to manage and reduce your debt. Your best bet is to contact one of these credit-counseling agencies and put your personal finances back on track.
Once you start missing your payments, creditors will start reporting you to the credit bureaus. This will affect your credit score negatively making it very different to get credit for anything else, even a cell phone. These negative marks on your credit can eventually be removed if you make a settlement with the credit card company or you end up making the payments, but this is often a long and tedious process.
Possibly the worst part about delinquent debt is the calls from the creditors. Creditors have the reputation of being relentless when trying to collect outstanding debt often calling as many as 8-10 times a day. Even the creditors that follow the "rules" will call you at your home, on your cell phone, and at work. The creditors that don't follow the rules will call your neighbors, family, and possibly your boss. Some will resort to making demeaning comments, demanding your checking account numbers and other banking information.
Another deterrent to going delinquent on your credit card bills is the legal action that your creditors may resort to in effort to collect. Some of the legal action can result in liens, garnished wages, or other legal judgments. While this process can take a long time, companies do resort to this to collect your credit card debt.
As you can see, the negative credit ratings, creditors making harassing calls and legal action are pretty compelling reasons not to go delinquent on your credit card bills. If you have reached this point, there are many professional companies that can help you learn to manage and reduce your debt. Your best bet is to contact one of these credit-counseling agencies and put your personal finances back on track.
