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Author: S. Wallitsch Article source: http://www.articledeshboard.com/. Used with author's permission.
A record number of Americans are finding themselves buried under thousands of dollars in high-interest credit card debt. Unable to make minimum payments, many choose to stop paying their credit card bills altogether. If you are one of those individuals, here are a few of the consequences you might be facing:
1. Creditor/Collector Calls:
Possibly the most annoying part of not paying your debt. Creditors have been known to call 4-5 times a day at your home, work, and on your cell phone. They do everything possible to get you one the phone, and from there they will use any tactic possible to get checking account or banking information. Some creditors have even been known to call family members, bosses, and neighbors. (Please keep in mind that the Federal Trade Commission does regulate these actions through the Fair Debt Collection Practices Act.)
2. Damaged Credit Score:
Creditors will report your delinquency to credit bureaus which in most cases lowers your credit score. These marks can be removed if a settlement is reached or payment is made.
3. Interest/Late Fees/Over-the-limit fees:
Not paying does not stop interest from accruing. After one late payment, creditors will immediately raise your APR to the highest possible interest rate, about 30%. They will also charge late fee penalties ranging from $30-50. Additionally, if your balance exceeds the credit limit, they will charge you over-the-limit fees.
4. Legal Action:
Eventually, once a debt becomes very delinquent, a creditor may decide to take legal action against the debtor. Depending on the state, this can result in liens, garnished wages, or other legal judgments requiring you to pay your debt. This is typically a long and drawn-out process that companies prefer to avoid. Nevertheless, it does happen.
If you are considering not paying your credit card bills, it may be the perfect time to considering professional help. There are a number of financial companies that can help you find a credit card debt relief solution to your financial dilemmas. Why wait? Contact one today, as the first step in finding a solution to your economical problems is usually asking for help.
Scott Wallitsch is a certified IAPDA debt arbitrator for DebtorSolution. He provides Debt Settlement, Debt Consolidation, and Credit Card Debt Relief advice to clients who are looking to become financially free and economically independent.
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