What If You Stop Paying Credit Card Bills?

February 27, 2012 by  Filed under: Credit 

Many people all across the globe have at least one major credit card in their wallets. Some of course have more, but it all depends upon their financial situations. But what happens if you lose your job and if you fall ill, the credit bill will still need to be paid.

Even through tough economic times, bills remain the same. Seeing as nothing in life is free, of course you have other bills outside of your card that will also need to be paid such as rent or mortgage, electricity, insurance, car payments, phone bills, and house hold expenses such as groceries. And running a household can get very expensive, and you may run out of money before you get to pay your credit card bill. So most people want to know what will happen if they stop paying their credit card bills.

Unpaid credit bills will definitely have a major toll on your credit score. Ruined credit scores can prevent you from getting that bank loan for that new house, or even leasing that new car that you’ve been wanting for a while.

Bad credit scores can also stop you from possibly getting a new job, as credit is something that people have begun to check as of late. Low or bad credit ratings will also prevent you from opening new credit from other banks.

Outside of ruined credit scores, you will get endless calls from the debtors, and on top of the already growing bill balance they will add interest and late payments fees for as long as you are behind. Of course the credit card companies will send letters out to your house, reminding you of the debt that you owe them.

In the long run if you get really far behind, they could begin to garnish your wages to get their payments or place a lien on your property. And that is no way to live, to possibly have property taken away over a few missed credit card payments.

When you stop paying credit card bills everything could change almost suddenly it seems. You will get nagging phone calls several times a day, you will receive threats from debtors saying they will take your house or cars. And on top of all that your credit scores will decrease as long as you are severely in their debt. So when you stop paying credit card bills the consequences of those actions can be rather major.

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Article Source:
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