What Happens If I Don’t Pay My Credit Card Bill
Some times I wonder, what is worst thing that can happen to me, If I do not pay my credit card bills. I can not make regular payments as I have to keep up with increased house payments. Earlier, I did write in detail about what would possibly happen if you do not pay your credit card bills. I am still of the opinion that mortgage payment should be first priority. It is better to pay mortgage than paying the rent.
If you recall that article, I said following things will happen is same order.
- Collection Calls
- Credit Card Cancellation
- Collection Agents on your Door
- Increased Interest Rates
- Bad Credit Score
- Legal Action
- Bankruptcy
By the way, If you don’t care much about your credit scores (due to current crisis they are worthless anyway), you should consider re-negotiating with your creditor. people have been able to get up to 50% weaver on their balances. Take a look at some of the articles below to find more credit related facts and advice.
What if you don’t pay your credit card bills?
These are difficult times for our economy. Each one of us is feeling the pinch due to increased cost of living. It is getting very difficult to make ends meet. In difficult times like this it is very easy to amass a huge credit card debt. It can happen to anyone. Even to people who have been financially responsible. “Can I just don’t pay my credit card bills?” is the question many individual ask themselves and friends. This option is very much there. It also will give you some extra cash for few months ahead. But following are few of major problems you can get yourself into if you stop paying your credit card’s monthly payments.
Collection Calls
This is most scary part of Credit Card Game. Credit Card Companies will constantly call you and demand their money back. Collectors may call you 5 - 7 times a day. They will call you at home, They will call you at work and they will call you on your mobile phone too. There have been some reports that collection agents have been calling bosses, co-workers, and family members (which amounts to harassment and is not legal). They go to any length to get you on phone and when they get you on phone they use a lot of psychological techniques to lure you into giving them checking account numbers and other banking information. They will use every trick to make you pay. One of the well known methods is that they intimidate and threaten you by telling you that they will take your house, car etc. Or they will bring police to your home. all this can be very stressful on some people. You will also start getting letters in the mail from them that may eventually turn more demanding.
Don’t get intimidated by them, Know your rights and report any violations to police and seek help. Most of the credit cards are unsecured so no one can take your car, house, furniture, etc. Worst thing these credit card companies can do is… they can really damage your credit score.
