What Happens If I Don't Pay My Credit Card Bills?

When facing amassing credit card debt, it is not uncommon for many individuals to ask "Why pay my credit card bills?" Granted, while this option is there and it may give you some extra cash for a few months, here are a few of the major repercussions you might be facing should you decide to go delinquent on your monthly payments:

1. Creditor/Collection Calls:

This might be the worst part of a delinquent debt-the constant calls from creditors demanding their money. Collectors have been known to call 8-10 times a day, at home, at work, on your cell phone. And these are the ones who follow the rules. Creditors have been reported to speak to bosses, neighbors, and family members (which of course is illegal). Once they get you on the phone they can be even worse. They use a number of psychological techniques to demean you and force you to give them checking account numbers or other bank information. In other words, they will do anything they can to make you pay. (Please keep in mind that your rights are protected by the Federal Trade Commission. To find out more information, please consult the Fair Debt Collection Practices Act.)

2. Damaged Credit Score:

Creditors will begin to report missed payments to credit bureaus which will inevitability have an affect on your credit score. These marks can be removed once a settlement is reached or payments are made.

3. Interest/Late Fees/Over-the-limit fees:

Not paying does not mean that interest will stop accruing. Once you go delinquent, many creditors will immediately raise your interest rate to the highest possible interest rate, about 30%. In addition, they will charge late fee penalties ranging between $30-50, and if your balance exceeds the credit limit, they are more than happy to tack on over-the-limit fees.

4. Legal Action:

Eventually, if a debt becomes very delinquent, a creditor may opt to take legal action which can result in liens, garnished wages, or other legal judgements requiring you to pay your debt. However, this is typically a long and complicated process that companies would like to avoid. Nevertheless, it does happen.

If you are considering not paying your credit card bills, it may be the perfect time to considering professional help. There are a number of financial companies that can help you find a Credit Card Debt Relief solution to your financial dilemmas. Why wait? Contact one today, as the first step in finding a solution to your economical problems is usually asking for help.

What if I have to pay my credit card bills?

In the face of accumulating credit card debt is not uncommon for many people to wonder: "Why pay the bills my credit card?" Of course, while the option is there and can give you some extra money for a few months, here are some of the important consequences that could face if they decide to go into arrears on their monthly payments:

1. Creditor / Collection calls:

This could be the worst part of an unpaid debt of the constant calls from creditors demandingyour money. Collectors have been known to call to 8.10 times daily at home, at work, your cell phone. And these are those who follow the rules. Creditors have been reported to speak with the boss, neighbors and family members (which of course is illegal). Once you get on the phone can be even worse. They employ a range of psychological techniques to belittle and force you to give account numbers or other banking information. In other words, they will do anythingcan make you pay. (Please note that your rights are protected by the Federal Trade Commission. For more information, see Fair Debt Collection Practices Act).

2. Damaged credit score:

Creditors begin to report non-payment to the lenders, will inevitably have an effect on your credit score. These marks can be removed after reaching an agreement or payment.

3.Interest / Late Fees / Over-the-limit fees:

Do not pay accrued interest does not mean it will stop. Once you go delinquent, most creditors immediately increasing the interest rate highest possible interest rate, approximately 30%. In addition, they will charge fines for overdue payment of between $ 30-50, and if your balance exceeds your credit limit, they are more than happy to add charges for exceeding the limit.

4. Legal Action:

Finally, if the debt becomes very delinquent,the creditor may choose to take legal action may result in liens, garnish wages, or other court rulings that require you to pay your debt. However, this is often a long and complicated process that companies want to avoid. However, it can happen.

If you are thinking of not paying credit card bills could be the ideal time to consider professional help. There are a number of financial firms that can help you find a credit card debtHelp solve their financial dilemmas. Why wait? Contact us today, as a first step towards finding a solution to their financial problems usually ask for help.