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| *Ostroff, Fair and Company>>>Credit |
Does someone know what exactly happen when u dont pay your credit card? |
I know this is bad but my financial situation at the moment is really bad, im unable to pay my credit card and someone told me to stop paying my credit card at all and move house. yeah..no that's not a good idea. you still have a social security # which will tie you into any thing you want to do financially. so cut costs everywhere else and make the minimum payment on the card, this way you don't get your car, house, and other belongings repossessed. well ur risking ruining ur credit, this is very important. If you have bad credit and want to purchase anything, the interest rates will be higher for you...or they wont even sell u the item. Just try to pay it little by little. good luck. in Aus they will get a debt collector and if they do that they report you, and your name gets blacklisted for 5 years and you are unable to get credit of any sort ie loans,another credit card,purchase a mobile phone etc. it happened to me. Don't listen to that advice. Credit card company has all of your personal information even when you're dead. They still collect money from your estate. If you don't pay your bills, so many things can happen 1- They will write the account off and send it to a collection agency. 2- You will get bad credit 3- Your interest will continue to accrue not to mention late fees 4- You won't be able to get a loan or credit cards with decent APRs because your account was written off. No one will loan you money because they consider you're at risk. 5- You still have to pay for it eventually with more money than you started with. 6- They will find you no matter where you go. They have a team of people to do "skip trace" to find you. They will harass you until they get their money. 7- When it's on your credit report, you will have a long time to clean it up. 8- They will have judgment against you, in the past, they garnish your wages. I don't know they still do it now or not. No, they won't repossess your stuff because it's not worth for anything if they take back the sweater you bought with your credit card. 9- You may not be able to get the job you want if they check your credit. Not all companies do but if you work in finance or anything relates with money, they may check your credit report. 10- You may not be able to rent an apartment or simply getting your electricity to hook up. They all check your credit report. It is wishfully thinking to say that if you stop paying your credit card everything will be fine, Call your credit card company and explain your situation, they will work with you without negatively affecting your credit. They useally don't report late payments unless they are thirty days late or more anyhow, but it is always best to be honest with them, They really are not the bad guys, they don't send goons after you to collect, but they do want to know why they are not recieving payments anymore.... some companies even offer programs that can "forgive" the balance on your card or defer payments for things like job loss and medical issues. My best advice is to call them! they will hep you more if you keep in contact then if you just disappear... Besides if you have good credit it only takes one late payment to take it all away, and if you have bad credit one more collection can push you over the edge to where you are not financable anymore. Your credit is your life blood, never ever take it for granted, it effects so much more than just your ability to get loans.... Some companies are pushing for credit checks for employment, Insurance agents are now using it to set your rates, it can prevent you from renting a place to live, and so much more! I RUN A CREDIT RE-ESTABLISHMENT PROGRAM |
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