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
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.