Pay Your Credit Card Bill
There are many negative consequences to not paying your credit card, and these can vary from one person to another. However, the sooner you take action to rectify the situation, the better. Once you miss a few payments, your credit card issuer will take action. The negative consequences will be small at first, but will grow as time goes by. Here are some things you should keep in mind when you miss a payment.
If you don’t pay your credit card bill, the issuer may sell your debt to a collection agency. The collection agency will attempt to collect the debt in person, and if unsuccessful, will sue you. If you miss a number of payments, your account will be sold to a debt collection agency. If your debt is large, the credit card company can also garnish your wages.
If you don’t pay your credit card bill on time, the issuer will take your account and send it to a collection agency. These companies will attempt to collect the debt in person and will sometimes sue you. If you don’t pay your credit card on time, your account will be closed. You’ll still be responsible for the bill. You’ll also be subject to late fees and penalty interest rates, which can add up quickly.
What Happens If You Don’t Pay Your Credit Card Bill?
If you don’t pay your credit card bill on time, the issuer will sell your account to a collection agency. The agency will attempt to collect the debt by physically approaching you and eventually suing you. If this doesn’t work, the collection agency may sell your account to a debt recovery company. Some credit cards will also have repossession clauses, so you’ll need to contact your issuer to find out how you can get your account back on track.
You should avoid making late payments on your credit card. Not only will you be charged a late payment fee, but you will also be subject to penalties and interest charges based on your APR. If you’re struggling financially, a late payment can cause your credit score to fall even lower. This is why it’s important to avoid missing any payments on your credit card. If you miss a payment, you’ll need to make the minimum payment.
While the consequences of not paying your credit card will differ based on your circumstances, they can be serious. Once you’re behind on your payments, your creditor will sell your account to a collection agency. The collection agency will try to collect the debt personally, and then they’ll file a lawsuit. If you don’t pay your credit card bill, your card issuer may rescind the account, which can lead to further damage to your credit rating.
