What would happen if NOBODY paid thier credit card?

Question

For 30 days?Or 60?I haven't missed a payment in 20 years,but apparently many people do.Sixty days late,once,wouldn't hurt my credit,but 200 million late payments the same month may create havoc.

For utterlyagog,I use balance transfers and pay NO interest,for the last few years.Paid my Harley that way,a Goldwing before that,and a '99 corvette I'm paying for now...0% till December.

jt,I've no intention of actually Doing it,it's just a question.

Answer 1

You got all the debt loaded people excited.

Answer 2

If that many people stopped, the government would intervene, either to bail out the banks (who would probably stop issuing cards, which eliminates that particular convenience), or to make the rules for declaring bankruptcy due to credit card debt much stricter (which would probably result in more court cases in which people's wages are garnished, which overall lowers their livelihoods).

With all these people having bad credit, lenders would be more leary about giving personal loans, which would hurt the housing markets, and possibly lead to lower interest rates, which will hurt savings in a hope to inject more money into the economy to boost the production lost to the weak housing market. This will lead to government intervention, increasing spending, which builds a higher national debt, which must be paid off either by releasing bonds (which, at a lower interest rate, may not be very valuable) or printing money at a faster rate, which increases the supply of US dollars, thus lowering the value of any given dollar. With the lower value comes more dollars necessary to purchase the same amount of goods (inflation).

So, if everybody pitched in, we're all worse off, economically, though not truly crippled our economy.

And, morally, it's better to just honor the contract you signed and pay back your credit card company.

Answer 3

The government would bail out the credit card industry and recover the money though taxes. If you think the credit card companies rips people off, just wait until the government takes over.

Answer 4

you may incur a great form of fees. the organization will chase you for a on a similar time as and then it would get exceeded to a debt sequence enterprise. in case you nonetheless do no longer pay they are going to take you to court docket after which you will incur extra costs for costs. ultimately they are going to deliver the bailiffs around and take your stuff. you will discover it very complicated to get credit in destiny. You obvoiously can arise with the money for to pay the £one hundred a month so which you may desire to shop doing that. in case you maintain up with payments ultimately your credit will strengthen and you'd be waiting to get yet another card and do a stability pass. you may desire to attempt ringing the organization to make certain in case you are able to negotiate on a decrease pastime fee?

Answer 5

no one would accept credit cards. The credit card companies would make a killing in late fees and interest when people finally paid too.

Answer 6

it would probably bring the economy to its' knees.

Here is a question for you. If you are responsible enought to make your payments on time for 20 years, why are you still using credit and making these chumps rich. Why not just start a bank account and make payments to yourself at 20% interest?

Answer 7

That's a cool question. We should all try it. If you use Capital One (for instance) and NOBODY paid their bills for 3 months, would they run completely out of revenue to pay collectors and employees? Would that lead them to just file bankruptcy and leave all of us alone?

Hmmm, I like this question a lot. I'm gonna star this one!

Answer 8

60 days late once wont hurt your credit you say....try it out and see how high your interests go up.
If nobody paid their card then there would definitely be new rules to credit card issue.

Answer 9

lots of folks couldn't buy junk they don't need with money they ain't got.