What Happens If I Don't Pay My Credit Card Bills?
When facing amassing credit card debt, it is not uncommon for many people to ask, "Why is my credit card to pay bills? Granted, while this option is there and it can give you some extra cash for a few months, here are a Some of the main effects, you could go to, you should decide to delinquent on your monthly payments:
1. Creditor / Collection Calls:
This could be the worst part of a delinquent debt, the constant calls from creditorsdemanding their money. Collectors have been known to call 8-10 times a day, at home, at work, on your mobile. And these are the ones who follow the rules. The creditors have been reported to bosses speak, neighbors, and their family members (which of course illegal). Once they have on the phone, they can even get worse. These are a series of psychological techniques to humiliate you and force you to control them, account numbers or other bank account. In other words, theyeverything they can to pay you. (Please note that your rights are protected by the Federal Trade Commission. If you seek more information, please the Fair Debt Collection Practices Act.)
2. Damaged Credit Score:
The creditors will start having missed payments to credit bureaus report, the inevitability will affect on your credit score. These markers can be removed once a settlement is reached or made payments.
3. Interest / LateFees / Over-the-limit fees:
Do not pay, does not mean that will stop the interest accrue. Once you go delinquent, many creditors will immediately raise your interest rate to the highest rate, about 30%. It will also reduce late fee penalties ranging from $ 30-50, and if your balance exceeds the credit limit charge, they are more than happy to tack on over-the-charges.
4. Legal Action
Finally, if a debt becomes very delinquent, a creditoropt to take legal action, which may in liens, garnish wages, or other legal decisions requiring you to pay your debts. However, this is usually a lengthy and complicated process, want to avoid the company. Nevertheless, it happens.
If you are considering not paying your credit card bills, it can be the perfect time to consider professional help. There are a number of financial companies that can help you become a Credit Card DebtRelief solution for your financial problems. Why wait? For a contact today as the first step in finding a solution to their economic problems is usually to ask for help.