What would happen if I maxed my credit card out. And decided I was not going to pay it back?

Answer 1

Bad credit score, bad credit search, no future loans or credit cards, no future mortgage, county court judgements, baliffs, attachment of earnings order (they take the money direct from your salary).
Further worse case scenario (if it's a banks credit card) - they'll close all your accounts. No account to receive your salary, is your company going to pay you by cheque or sack you?
Worse case scenario - the credit company proves (it has been done) that you spent the money with the intention of not paying it back you can be prosecuted and imprisoned.

Answer 2

It normally depends on the company, some will just keep annoying you with letters and phone calls. And never go any urther.

But then there are the other companies who will do one of two things. Send the baliffs round at take everything you bought with the card and random things of their choosing to make up the money you owe. When they do that they make up how much everything is worth, like your brand new 58 inch plasma screen tv with 7.1 surround sound will be worth about €100.

Or you have the ones that will get you set to jail along with giving you something like a county court judgement, which means you'll never be able to get a loan of anyone every again. Well other than those guys on TV you offer "really affordable loans", the main draw back of which is that if your an hour lad with a payment they take your house and kick you out within about a day. It's all in the small print.

Answer 3

This is a very, very, VERY bad idea.
First once you were late paying, you might get a quick reminder phone call that you are late.
Once it becomes obvious that you aren't going to pay...a whole host of nasty things begin to happen.
They will start aggressively calling you...your spouse....your family....legally they can even call your neighbors....
That's just the start of it...they willl take you to court and win and the judge will say you owe them the money and the court will ask for you to list your assets.
You'll tell them what, of value, you own....then they'll start to take it back....coming with the police if necessary until you've give back enough stuff to pay back the obligations.

That's just the physical part. What they do to your reputation will haunt you for years.

Your credit score will plummet. The next time you apply for credit, you either won't get it or get such a high interest rate that you'll pay a lot more in finance fees.

Once all your other creditors find out you've done this, they will immediately hike their rate to the default rate.

So, in effect, all your other outstanding credit will then rise to close to 30% interest, dramatically raising your payments and the amount of interest you'll have to pay back.

But it doesn't stop there.....your home and auto insurance rates will rise dramatically.

And, employers and landlords will access that data as well and you'll have a hard time getting your next job or place to live because of it.

So in light of all that....does it really seem worth it?

Answer 4

Well you will receive notice's concerning your need to pay the bill in the mail, You may even receive phone calls from the agency expressing their need that you pay and when will you plan to pay, But after awhile if you decide still not to pay, Then you will receive a notice in the mail from a Collection Agency informing you that your account has been turned over to them and that they will be taken action against you for payment. And if then you still plan on not paying then it will be put on your credit report for non-payment, Some companies take you to court and try to get the money from your pay check this would be called a Garnishment of your Wages where they w/the help from the Court System have payment taken out of your check when you get payed. I HOPE THIS DOESN'T HAPPENED TO YOU, If so you can Always File Bankruptcy this will keep them from doing so. But hopefully for your sake it want lead to that.

Answer 5

Brian...first all the above answers are BS. You will have chargheoffs on your report for 7 long years. In five years you can get some limited credit. Then you also run the risk of being sued by the card companies...if you have very bad credit and nothing to sue for...more than likely they will leave you alone

Answer 6

Are you $30 wanting paying it off in complete? Or are you $30 wanting coming up the minimum? in case you're wanting paying it off in complete, connect the club. you would be charged activity on your new $30 own loan, yet your credit would be unaffected. in case you're wanting paying the minimum, you would be charged a prior due fee (in spite of in case you're making a partial fee), so as that the $30 you owe this month will exchange into $60 next month. So discover the money in case you may. omit 2 in a row, and your credit will drop. Plus you will get all those extraordinary calls from those friendly people on the sequence enterprise who be attentive to you at the instant are not a deadbeat. ;-)

Answer 7

1. You will have to give back everything you purchased with the card. If you cannot pay it back, the IRS will deduct it from your income.

2. You will never, EVER be able to buy a home, a car or get a loan again. You will never get a credit card again.

3. You could go to jail.

Answer 8

it will be a negative affect on your credit score. I don't know how old you are. But eventually you will need your credit to get loans for cars, house even personal. Even another credit card. Be very careful. Believe me your better off paying your bill.

Answer 9

Though you can do this and probably apply for bankruptcy to get out of it, the laws changed and so it is harder. That being said, you along with all the ppl who do that make it harder for others by pushing the rates up and causing the prices of things to rise. Be an honest person financially and you will be not only a better person outside, but inside as well.

Answer 10

You would trash your credit score because they will continue to report it every month. You will get turned down for every type of credit available until it was resolved either through payment or statute of limitations.

Here is some additional info. Hope this helps.