2007-02-28 05:07:26 · 8 answers · asked by frustrated 1 in Business & Finance ➔ Credit
Your credit score will plummet like a rock and nobody will ever approve you for anything in future. Do not do it, it will ruin your life.
2007-02-28 05:12:55 · answer #1 · answered by Akbar B 6 · 1⤊ 0⤋
waste. whatever the interest rate is, times the amount of your debt is what you are losing annually.
if you have $10,000 in debt, and your APR (interest rate) is 15%, you are paying the credit card company $1,500 per year for that debt.
That could be $1500 for retirement, and if you do the math over time that comes out to alot of cash.....time value of money. The later you invest in the market, the less money you'll make, eery year passed has dramatic effects.
Stocks double in price every 7 years. If you start investing at 29 instead of 22 you could be losing out on hundereds of thousands of dollars.
2007-02-28 13:13:36 · answer #2 · answered by Steve 3 · 0⤊ 0⤋
Continued calls and letters from your creditors. Not to mention the possibility of having your local law enforcement officers serve you will lien papers when you are sued.
2007-02-28 13:28:52 · answer #3 · answered by Nurse Carly 1 · 0⤊ 0⤋
it will affect your ability to get a house, a car, a loan, credit cards for emergencies......
it takes a lot to get out of debt.
my suggestion? pay it, even if it's just the minimum.
2007-02-28 18:17:50 · answer #4 · answered by Lisa S 3 · 0⤊ 0⤋
What caused you to look at the consequences?
There are many consequences, none of which are good.
2007-02-28 14:55:52 · answer #5 · answered by Brandon 2 · 0⤊ 0⤋
Being Sued
Bad credit rating leading to denial of credit when really needed.
2007-02-28 13:15:49 · answer #6 · answered by whymewhynow 5 · 0⤊ 0⤋
Bad credit scores.
2007-02-28 13:14:48 · answer #7 · answered by Diamond in the Rough 6 · 1⤊ 0⤋
You must pay the minimum
2007-02-28 13:11:04 · answer #8 · answered by god knows and sees else Yahoo 6 · 0⤊ 0⤋