what happens if you don't pay back the credit card??

Answer 1

Ok so let me break this down to you for all of you that don't know the way these companies go! You ready ok...

Every creditor is insured thorough major insurance agencies up to 70% of every account that they have. So if you go belly up on your account the original creditor get 70% of that debt back.

Then they will be able to write off up to 20-25% of gains and losses for tax purposes. So if you do the math they just made 90% of the money back that you owed.

Then the original creditor turns around and sells your account to a collection agency for pennies on the dollar. Which in turn makes the original creditor more money than if you were to pay the debt in full to them.

LEGALLY,

What this means is that the "Burden of Proof " is now off of you and now on the collection company. That account that you opened has now been paid in full through other means... but still has been paid.

By challenging and investigating these accounts they can be legally deleted through the four credit laws. You can go to a credit restoration company like Trinity Credit Services and they will be able to take them off of your credit report.

Answer 2

Well, if you think you can't afford to make the monthly payments on the credit card now, wait until the late charges start piling up! If you still refuse to pay the bill, generally it is given to a collection agency. Some agencies try to work with you...not many though. If you still refuse to pay the charges, the issuing bank can go into court and file a lien against you (a judgment). By now, your credit score is so shot, you won't be able to buy a car, a house, or get any more credit. So, I HIGHLY recommend just paying the damned card off!

Answer 3

I'm not sure where a lot of these people get these ideas, but most of them are wrong.

A credit card is revolving debt, secured by nothing. So no, nobody's going to come and reposess anything. And no, you won't be blacklisted from getting a loan.

HOWEVER, it will go on your credit report, and you can pretty much forget about getting another credit card or loan with an interest rate below 25%, and all sorts of unusual fees.

You can also plan on living that way for at least the next seven years, which is how long it will take for it to come off of your credit report.

You can also forget about having any sort of job where you'll be responsible for large amounts of money (whether that's at a bank, or in an office where you would be expected to maintain a budget).

If you own a house (or buy one before the statute of limitations in your state has passed), they can put a lien on your house, forcing you to pay. If the amount is substantial, they can take you to court, where you will have a second negative mark on your credit report (because public judgements go on your report, too).

On top of that, you can plan on getting lots of angry letters and phone calls to your house for years to come.

Answer 4

You will get a very bad credit rating in your file. It will affect your chances of buying a car, cell phone and a home for a very long time. If you charge, be sure you can pay for it and do it fast. Don't just pay the minimum.

Answer 5

Ha! You have so much to learn.

If you don't, collection agencies and lawyers call you until you pay up. If you don't, valuable items can be taken away from you.

Plus you'll never be able to get another credit card or loan or car or house or...anything!

Answer 6

You ruin your credit and can never get a loan

Answer 7

interest increases, collectors start calling, and you ruin your credit. Never charge what you don't have. Cash up front is my motto.

Answer 8

Then you're screwed. If you can't pay back a credit card, then don't get one until you're sure you're in a situation where you can.

Answer 9

you will accumulate interest. then soon, your credit will rise to millions. if you don't pay them, they can file charges against you.

Answer 10

Ummm it goes on your credit report and they reposses your stuff.