2007-10-19 05:17:19 · 7 answers · asked by Kathleen M 1 in Business & Finance ➔ Personal Finance
Here's what will happen if you don't pay your credit cards.
1) You will start hearing your phone ring off the hook from the credit card companies first.
2) When you don't respond, the credit card companies will send your account to collection agencies. Again, your phone will ring off the hook.
3) Eventually, they will stop calling, and your credit will be in shreds...but there is hope.
If you don't want to ruin your credit, there are several things you can do at each stage.
1) You can call your credit companies and let them know you are having problems. They can work out a new payment plan with you and basically turn your lines of credit into fixed loans.
2) If your account goes to collections, you get a rare opportunity to settle for 30 to 40% of what you owe. Collectors figure you will never pay, so they will take whatever they can get. Also, they can only take 3 monthly payments (by law), so again, they will settle for what they can get. Let them make you an offer and make sure you get it in writing before you make the payments.
Once things are paid off, pull your credit reports and dispute negative items to bring your scores back up.
Lastly, collection companies like to make threats. They will threaten to get you fired, take your house, ruin your credit, etc. These are all lies. Legally, if you tell them you only wish to receive communications in writing, they are no longer allowed to call you. If they do, you have a suit for harrassment. You have rights...remember that.
Hope this helps.
2007-10-19 05:27:36 · answer #1 · answered by E.T. Barton 5 · 0⤊ 0⤋
you heavily won't detention center. I paintings for a mastercard company, will save the financial company anonyumous for the reason that i'm typing on working hours. the best thinkg to do is make an association along with your financial company. in case you do not pay your mastercard, ultimately you would be receiving telephone calls. in case you nonetheless do not pay after numerous months, your financial company will provide up on you and sell your report to a team corporation which would be consistently bothering you with calls each and every 3 hours. Your mastercard minimum fee could be around 195$ in the journey that your stability is at 6500$. in case you paintings 40hrs each and every week, then you definately could have adequate money. in case you're at 7$ an hour, you will be making a minimum of 800$ a month after tax. Mu advice, get a greater decrease priced place, do not smash your credit!
2016-11-08 22:29:50 · answer #2 · answered by ? 4 · 0⤊ 0⤋
All the things the other person said, plus that you will probably have to file bankruptcy. Don't file bankruptcy until you are ready to change your relationship with and attitudes about money, or you will find yourself in the same boat in short order, and unable to file bankruptcy again.
2007-10-19 05:41:08 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It will ruin your credit.
Not much else, but your credit is used for a lot of things...... so make sure you think about it first! Maybe contact your local consumer credit counseling office. They can sometimes help.
2007-10-19 05:21:25 · answer #4 · answered by crankyissues 6 · 0⤊ 1⤋
you will go to a collection agency and have a hard time rebuilding your credit.
2007-10-19 05:24:23 · answer #5 · answered by Michael M 7 · 0⤊ 1⤋
they'll charge u late fees and ur credit will be real bad
2007-10-19 05:19:23 · answer #6 · answered by egy 2 · 0⤊ 1⤋
Call them.
Tell them your situation.
2007-10-19 05:25:51 · answer #7 · answered by StephanieS 2 · 0⤊ 0⤋