What Will Happen to Me If I Don"t Pay Credit Cards?
Credit is a wonderful thing.
Until you find yourself behind on payments.
Then you will find out how much the credit companies are not your friends.
Try it, don't pay credit cards for a couple of months and see what happens.
Actually I wouldn't suggest it.
Instead, let me walk you through a typical scenario.
Say for what ever reason, you cannot make even the minimum payments on your credit cards.
Typically after the first 30 days or so, you'll start receiving friendly reminders in the mail or polite phone calls reminding you of your missed payment.
Things like: "If this is an oversight and you've sent your payment, thank you".
Still friendly in tone.
Miss another payment and you'll start hearing things like "Your credit is your best asset, make sure you don't ruin yours, send payment today, etc.
" The phone calls will start increasing in frequency too.
When you reach the 90 day past due point, the letters and phone calls will start becoming more threatening in tone.
More talk of ruined credit, maybe some lawsuit threats.
You may start receiving some settlement offers, or offers of "help" from the refinancing department.
As you come closer and closer to charge off, the date the credit company writes off your debt, you definitely will be getting phone calls.
Many of them per day, from different people in the company.
You may explain your situation to one person, only to have to start all over in an hour with another.
Don't expect charge off to end this madness either.
Chances are the credit card company will turn you over to a debt collection agency, and the letters, threats and phone calls will start all over again.
Finally someone, either the creditor, a collection agency, or someone that buys your debt, will sue you.
And if you lose, you may end up having your wages garnished.
There isn't a good timeline as to how fast this happens.
Some companies are more aggressive if you don't pay credit cards.
Until you find yourself behind on payments.
Then you will find out how much the credit companies are not your friends.
Try it, don't pay credit cards for a couple of months and see what happens.
Actually I wouldn't suggest it.
Instead, let me walk you through a typical scenario.
Say for what ever reason, you cannot make even the minimum payments on your credit cards.
Typically after the first 30 days or so, you'll start receiving friendly reminders in the mail or polite phone calls reminding you of your missed payment.
Things like: "If this is an oversight and you've sent your payment, thank you".
Still friendly in tone.
Miss another payment and you'll start hearing things like "Your credit is your best asset, make sure you don't ruin yours, send payment today, etc.
" The phone calls will start increasing in frequency too.
When you reach the 90 day past due point, the letters and phone calls will start becoming more threatening in tone.
More talk of ruined credit, maybe some lawsuit threats.
You may start receiving some settlement offers, or offers of "help" from the refinancing department.
As you come closer and closer to charge off, the date the credit company writes off your debt, you definitely will be getting phone calls.
Many of them per day, from different people in the company.
You may explain your situation to one person, only to have to start all over in an hour with another.
Don't expect charge off to end this madness either.
Chances are the credit card company will turn you over to a debt collection agency, and the letters, threats and phone calls will start all over again.
Finally someone, either the creditor, a collection agency, or someone that buys your debt, will sue you.
And if you lose, you may end up having your wages garnished.
There isn't a good timeline as to how fast this happens.
Some companies are more aggressive if you don't pay credit cards.
