What will happen if you do not pay CREDIT CARD?
AnswerI am assuming that you simply cannot afford to pay them. A few years ago you could claim bankruptcy and you wouldn't have anything more to worry about, but Dubya's pals in the credit card business made sure he took care of that little loophole. Anyway, if you do not pay them you will be hit with late fees every month, which of course puts the balance up. Not that it matters to you; if you couldn't afford 1000 dollars, it might as well be a million, right? You can expect to get a phone call every day, and sometimes every night from people who get progressively more aggressive and downright nasty. You can't blame them entirely; they make a commission on whatever they can manage to get from bad accounts, and you can't get blood from a turnip, can you? Eventually, and I don't know how long it might take, but eventually the credit card companies will get the idea you are not going to pay, and you will become a charge-off. Your credit will go in the toilet for a while, although people will still want you to buy stuff on credit, because if you are not paying Visa, that means you have some extra money that MasterCard wants to get. It's a funny world that way.Unfortunately, these dead accounts are sold for pennies on the dollar to real bottom feeders who will tell you anything and everything to get a couple of bucks out of you, because it's all commission paid on what they can frighten out of widows. The one thing that they cannot do, even though they are "really, really trying to help YOU" is repair your credit. Giving them dollar one will do nothing for your credit.When we were going through a bad patch that eventually lead us to bankruptcy, we were told that it was possible to retain a lawyer for not too much money, and every time you got one of these calls you simply had to say "the matter is in the hands of my attorney Tom Smith and you should call him at whatever number. In fact, as long as you find a real attorney with a real phone number you can tell these sleazeballs you have retained him; they aren't the type to go messing about with attorneys. They are after the soft underbelly of people who are worried sick, and are in a bad patch. The one thing you cannot ever do, is to try and get into a reasoning match with these people. They are reading from scripts and they won't budge from them. Get yourself a phone with caller ID, change your phone number and only give it to your immediate family and, of course, don't list it. PhilSEE IT FROM BOTH SIDESCredit cards are sort of like a bank that loans money to you. Every time you make a purchase on your Visa card you owe the Credit Card Company. Then you keep charging knowing full well you can't pay the balance off and your Visa bill escalates and then they request at least the minimum payment (which only covers the interest) and perhaps a person can't even manage that. Unless wealthy, the average person should only use their Visa card for emergencies such as Medical Care, their car broke down, etc., but should never be used to buy things you don't need or to start buying your food on your Visa. Oprah Winfrey a couple of years ago had this very subject on her program an a lawyer states that in order to pay your Credit Card balance off the Credit Card company would have to lower their interest rates.The above poster actually made some fine points. Several months ago I did some research into Credit Card Companies because I always knew they loved people that had an out-standing bill (they made more profit from those that were terrified they would lose their credit, home, etc.) Credit Card companies are vicious and do try to scare people, but, when I researched it all they dislike people that pay their credit card balance off at the end of every month and have a special nickname for these clients (can't remember what it is.)I suggest you go onto "Credit Card Debt" on www.google.com and snoop around and see how it all works and what your rights are.In one way it's not fair to rack up debts and then make no effort to pay because you put the onus on the other people that do pay their debts off. Make the best effort you can and if you do and you are telling the truth there is no court in the land that will back the Credit Card Co. They want you in debt!I never use my Credit Card unless I need too for emergencies or to reserve a place to stay on holidays or a theater ticket to a play. I pay it off right at the end of the month and the Credit Card Companies hate this! You loaned their money and you should have the pride to do the best to pay it back and then cut up those credit cards! Americans in particular are in major Credit Card debt.
