Posted on
November 11, 2009
at
11:35 am
what happens if I dont pay my credit cards
Posted on
November 11, 2009
at
7:40 pm
You'll be receiving a lot of collection calls.The unpaid bills will also reflect on your credit report, which will also result in a lowered credit score.In turn, you may also be sued by your creditor after such time of non-payment.
Posted on
November 12, 2009
at
2:20 am
A record of bad credit history will also prove future lenders that you're a high-risk consumer, due to the inability to pay your debts. They may either deny your future applications outright, or agree to grant you credit--but with a much higher interest rate.
Posted on
November 16, 2009
at
2:04 am
how much will interest be
Posted on
April 12, 2010
at
6:35 am
Hi, I'm not sure about the interest rates but you can look at this table
http://www.capfed.com/site/en/home/oursolutions/loan/consumer_loan_rates.html but if you default on your credit cards, know that you dont' have to take out a loan, to get rid of your debt. There are other options, especially if it's just credit card debts, unsecured loan - and if you want to know more about it, please feel free to fill out a form here at destroydebt.com, and speak with a debt consultant for free.
Posted on
July 30, 2010
at
4:01 am
Legally nothing can happen credit card debt are unsecured loan and its your wish if you want to pay back.
Posted on
August 12, 2010
at
1:34 pm
Its more a matter of what happens to your credit score and rating. If you're not worried about your score and can handle the collection calls Id say problem solved. If you want/need good credit within the next 10 years you may wanna call a certified financial counselor. Its free financial advice form a certified professional. 800-905-1563, good luck.
Posted on
October 16, 2010
at
9:16 am
It really depends on what the creditor does after you default on your credit cards. Somecreditors may simply resort to calling you to try to collect on the debt. Other creditors maysell off the debt to another company and that company will contact you to try to collect andpossibly seek a lump sum settlements. Other creditors resort to filing a lawsuit against youand trying to garnish your wages or levy a bank account. If you cannot pay your credit card debtyou should look into whether you need to
file for bankruptcy or take some additionalaction that can help resolve your credit card debt.
Posted on
October 24, 2010
at
6:22 pm
There is a lot of misinformation on this forum about what can happen if you don't pay your credit cards. For example, I read one guy that said that nothing can happen because credit cards are unsecured debts! Ha! This is so far off that it makes me laugh that anyone could actually think suce a thing! Yes, credit cards are unsecured. But all that means is that there isn't an asset directly tied to the debt that the creditor can take away. If you don't pay your car loan, you lose your car. If you don't pay your mortgage, you lose you home. That is what secured debt means. Did you know that if you don't pay your credit card debt, you can also lose any equity in your home? That is called a lean on your property. You could also have a portion of your paycheck taken out and givin to your credit card company directly. This is called wage garnishment. Or how about this... you walk into your bank one day only to discover that your accounts have been cleaned out without your knowledge. This is called a bank levy. The details about exactly what can happen if you don't pay your credit cards vary from state to state. If you live in Texas or Florida things are much better for you. On the other hand, if you reside in California or Michigan... you will find out very quickly how important it is to make credit card payments if you can. Let's stop oversimplifying and giving pat answers. Every situation is different. Each one of my clients need a personlized approch to thier debt issues. Doyle Brueckner
